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EURUSD 5-9 Feb 2024 W6 Weekly Analysis

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:

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

Weekly Chart Analysis


1.

  • 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.

Daily Chart Analysis


1.

  • 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.

4H Chart Analysis


1.

  • 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.

Economic Events for the Week

Link to Tradingview Post: https://www.tradingview.com/chart/EURUSD/9aGKBmSE-EURUSD-5-9-Feb-2024-W6-Weekly-Analysis/

I’m Amr

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