This is my Weekly analysis on EURUSD for 5-9 Feb 2024 W6 based on Smart Money Concept (SMC) which includes the following Time Frames:
- Weekly
- Daily
- 4H
- Economic Events
- Swing Bearish
- Internal Bearish
- Reached Swing EQ
- (Pro Swing + Pron Internal)
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.
- Price reached the INT Extreme and tapped the Weekly Supply Zone and we are currently targeting at least the CHoCH and then the Weak INT Low.
3.
- With the Bearish INT Structure we have the confirmation that the Swing Pullback is over and we are currently in the Swing Continuation Phase.
- Price had reached the Bearish INT Structure extreme and showed reaction from.
- Still the OF is Bullish within the Pullback Phase and the Bearish CHoCH will be the first sign to confirm the Bearish continuation from the Weekly Supply.
- Expectation now set to see price continuing bearish.
- Swing Bearish
- INT Bullish
- Reached Extreme
2.
- Within the Bearish Swing we are currently in the Swing pullback reached the Swing extreme area and mitigated a Weekly Supply zone (But didn’t reach the Daily Supply) and started the INT Structure Pullback after the Bullish iBOS.
- For the Bearish Swing to continue bearish, we want to see a Bearish iBOS to confirm that the Swing Pullback is over and we are in the Swing Continuation to target the Weak Swing Low.
- But currently the INT Structure still Bullish so there is also a possibility that we can still continue up.
- We still in the Daily Pullback Phase and price reached the last Daily demand zone. As Swing is Bearish, Expectations that there is a high probability that we will take the Strong INT low. On the Flip Side (Bullish) we could hold the current Demand/INT Low to target the Weak INT High.
- Lets wait to see more price development and LTF to guide us.
3.
- Price had mitigated the adjusted Supply zone.
- OF is bearish in the INT structure pullback Phase and is so corrective in nature. (Supply in Control)
4.
- Daily and Weekly demand zones for reactions once reached.
- Swing Bullish
- INT Bearish
- OF Bearish
- In Swing Discount
2.
- Price made a bullish BOS and after a BOS we expect a pullback.
- After mitigating the Weekly Supply zone, price started the Swing pullback phase after a bearish CHoCH.
- Price reached the 4H/Daily demand zones as expected after breaking the range and formed a Bullish INT Structure iBOS.
- This Bullish iBOS failed to continue Bullish and we changed to Bearish INT Structure which means that the Swing Pullback Phase is not over.
- We are also within the 4H Swing Demand/Discount so keep in mind that at anytime the Swing Continuation could start.
- More price development needed with the current PA.
3.
- Bearish momentum still active with a Bearish iBOS.
- With the current series of bearish INT Structures, there is a HP that the 4H Swing Low will go as there is no much demand zones and the current demand is in mitigation and every move up is just a sell opportunity.
- After the iBOS we would expect a pullback and the current CHoCH is the INT High. So either price engineer a new CHoCH or it will target the INT High (i Doubt we have catalyst for that this week).
- I’ll be waiting 15m to align bullish to play the 4H iBOS pullback if possible. Other wise waiting for better Short opportunity from the 4H Supply.
- Lets wait for the LTF to guide us.
Link to Tradingview Post: https://www.tradingview.com/chart/EURUSD/9aGKBmSE-EURUSD-5-9-Feb-2024-W6-Weekly-Analysis/
