This is my Intraday analysis on EURUSD for 7 Dec 2023 based on Smart Money Concept (SMC) which includes the following Time Frames:

  • 4H
  • 15m

4H Chart Analysis

1.

  • Swing Bullish
  • INT Bearish
  • Reached EQ

2.

  • Price had created a Bearish INT Structure and it could be targeting the 4H Demand within the Swing extreme.
  • Currently price is in Swing pullback phase and the Bullish continuation could start at anytime from the Swing Discount. It’s preferred to mitigate a Demand zone to give more confidence.
  • Will be waiting for LTF (15m) to support the decision with bullish structure formation.

3.

  • Swing low and last demand for potential buys.

15m Chart Analysis

1.

  • Swing Bearish
  • Internal Bearish

2.

  • Price still in a series of bearish structures (Swing/Internal) as we didn’t mitigate yet any HTF POI.
  • We formed Swing Low yesterday after a Bullish iBOS but it didn’t hold for a pullback phase.
  • My expectations is price may continue down to a HTF POI and we can see after a change to a bullish structure to confirm that the 4H Swing pullback is over and we may continue the Bullish Swing.
  • Currently Shorts is the play with the current Bearish Swing from Supply zones that are well positioned in Premium.
  • For Longs, i’ll wait for the mitigation of a HTF Demand zone or the 15m Swing/Internal turn bullish.

Dec 7, 2023

Comment:

This is the long trade I took yesterday which ended in Loss.

It was based on the idea of a pullback with the confluence of DXY but it didn’t work as expected. Trade closed after closing below the Structure (Swing Low) which invalidates the long idea.

15m Chart:

Link to Tradingview Post: https://www.tradingview.com/chart/EURUSD/uHSpEHxI-EURUSD-7-Dec-2023-Intraday-Analysis-EUR-GDP-US-Jobless-Claims/

I’m Amr

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