This is my Intraday analysis on EURUSD for 6 May 2024 W19 based on Smart Money Concept (SMC) which includes the following:

Market Sentiment

Nothing changed from 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.

4H Chart Analysis


1.

  • 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.

15m Chart Analysis


1.

  • Swing Bullish
  • Internal Bullish
  • Long : Phase A2
  • Short : Phase D

2.

  • Swing failed to continue Bearish and with NFP we created a Bullish BOS which reached the Daily Supply Zone.
  • After a BOS we expect a Pullback. INT structure is Bullish which means we still in Bullish continuation.
  • With the 4H created a Bullish iBOS and requesting a Pullback, i prefer to look for Shorts after a Bearish iBOS.
  • Longs will be ideal for me when we reach the 4H demand zone within the 15m Swing.

3.

  • 15m/4H Demand zones for possible longs one reached.

Link to Tradingview Post: https://www.tradingview.com/chart/EURUSD/oywglYfM-EURUSD-6-May-2024-W19-Intraday-Analysis-EU-PMI/

I’m Amr

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