This is my Weekly analysis on EURUSD for 4 – 8 Dec 2023 based on Smart Money Concept (SMC) which includes the following Time Frames:

  1. Weekly
  2. Daily
  3. 4H
  4. Economic Events

Weekly Chart Analysis


1.

  • Swing Bearish
  • Internal Bearish
  • Reached Swing EQ

2.

  • After the iBOS we expected pullback, price tapped into Liq on the lift and a Weekly demand zone which provided a pullback and formed a bullish CHoCH confirming INT Low.

3.

  • Price had fully mitigated the weekly supply (FLIP Zone and swept the Liq above the zone by not fully closing the candle above. Still it could be a sweep of liq if we started to see pushes to the down side and structure changes on TF lower than the Weekly TF.
  • Price could be targeting the Supply zone at the INT Structure High to continue bearish as long TFs lower supports that.

4.

  • Extreme supply within the bearish INT structure with Liq below it. A potential zone located in the Swing premium for continuation down

Daily Chart Analysis


1.

  • Swing Bearish
  • INT Bullish
  • OF Bullish
  • Reached EQ

2.

After BOS we expect a pullback

  • OF turned bullish to facilitate the Swing pullback and we formed bullish iBOS to confirm the Swing Low and the pullback.
  • With that pullback we formed Weekly and Daily demand zones which are potential for longs after confirmation on LTFs.

3.

  • After the Bullish iBOS we are expecting a pullback. First sign of the pullback maybe starting is a CHoCH which price did and confirmed INT High.
  • With that pullback we had formed a Supply zone that can act as a potential zone to play the pullback phase.
  • The bearish CHoCH on the Daily appearing to be a Liq. Sweep as we didn’t close below it. So, be mindful that OF is in Strong bullish move and playing against it without confirmation will be rough.
    Let’s watch LTF to guide us.

4H Chart Analysis


1.

  • Swing Bullish
  • INT Bullish
  • Reached EQ

2.

  • Swing low and last demand for potential buys.

3.

  • After the Bullish iBOS we expected a pullback. We created a CHOCH and price continued the pullback for the INT Bullish Structure.
  • The pullback pushed down and swept the Liq. below the Stron INT Low and reached the Swing EQ.
  • It’s a tough call now! We have the 2 options valid (Buy / Sell) but we need to see more price development and confirmation to trigger.
  • Option 1 Buy: I’ll be waiting to see if price will confirm the failure to close below the INT Low and it was a sweep of Liq. below strong low from the LTF Structure changing to bullish.
  • Option 2 Sell: I’ll be waiting for the INT Structure to shift bearish which will confirm the Swing High and we can look now for shorts after the INT pullback. But be cautious that we already reached the Swing EQ and buyers will step in now.
  • Let’s see what the LTFs will tell us and we can adopt accordingly while keeping our HTF analysis always in play.

Economic Events for the Week

Link to Tradingview Post: https://www.tradingview.com/chart/EURUSD/F1VIQ5aw-EURUSD-4-8-Dec-2023-Weekly-Analysis-NFP-Week/

I’m Amr

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