This is my Weekly analysis on EURUSD for 6-10 May 2024 W19 based on Smart Money Concept (SMC) which includes the following:
Table of Contents
Market Sentiment
On Friday, the EUR/USD surged to reach a new high for the week, surpassing recent congestion levels. This uptick followed a significant shortfall in the US Nonfarm Payrolls (NFP) data regarding labor and wages. The disappointing figures revived expectations across the market for a quicker pace of Federal Reserve (Fed) rate reductions.
Weekly Chart Analysis
- Swing Bearish
- Internal Bearish
- Reached Swing EQ
- Swing Continuation Phase (Pro Swing + Pro Internal)
2.
- After the Bearish iBOS we confirmed that the Swing Pullback is over and we will target the Weak INT Low and the Weak Swing Low.
3.
- Price had reached the Bearish INT Structure extreme and initiated the Bearish Internal Structure Continuation.
- Expectation is to continue bearish and target he Weak INT Low.
4.
- Price tapped into a Weekly demand zone that is currently providing Pullback for the continuation down to the Weak INT Low.
Daily Chart Analysis
- Swing Bearish
- INT Bearish
- Swing Continuation Phase (Pro Swing + Pro Internal)
2.
- Internal Structure continuing bearish following the Bearish Swing.
3.
- After the Bearish iBOS we expect a Pullback.
- Price in a clear corrective move to the upside after tapping the Weekly Demand Zone which initiated the Bearish iBOS Pullback Phase.
- As expected last week with the probability of a deep pullback, price reached the Daily Supply. With that deep Pullback, there is a HP that we can continue the Bearish INT Structure with expectation to target the Weak INT Low and possibly the Weak Swing Low.
- More development required on LTF to show signs of Bearish Structure to validate the expectations.
4.
- Daily and Weekly demand zones for reactions to fulfill the INT Pullback Phase.
4H Chart Analysis
- Swing Bearish
- Internal Bullish
- Reached Swing EQ
- INT Structure Pullback Phase
2.
- Swing continuing bearish following the HTF Bearish Trend. Expectations is set for the Swing to stay bearish to fulfill the HTF targets.
3.
- INT Structure turned Bullish signaling a complex pullback phase with deep pullback that reached the Swing EQ and tapped into the Daily Supply.
- Currently with INT Structure is Bullish we don’t have a solid confirmation that the Swing PB is over and we will continue Bearish. Instead, INT structure could continue Bullish.
- More Price development required from LTF in order to play the INT Structure PB or the INT structure Bullish continuation.
Economic Events for the Week
Link to Tradingview Post: https://www.tradingview.com/chart/EURUSD/zmreQs4i-EURUSD-6-10-May-2024-W19-Weekly-Analysis/
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