This is my Intraday analysis on EURUSD for 7 May 2024 W19 based on Smart Money Concept (SMC) which includes the following:

Market Sentiment

Today’s sentiment for EUR/USD pair is shaped by pivotal occurrences from the previous week. The release of weaker-than-anticipated Non-Farm Payroll (NFP) data prompted a decline in the US dollar, lending some buoyancy to the EUR/USD pair. Additionally, the Federal Open Market Committee (FOMC) statement and remarks from Federal Reserve Chair Jerome Powell wielded considerable influence. The FOMC opted to maintain the policy interest rate and continue tapering securities holdings. Powell reiterated the Fed’s unwavering commitment to achieving their 2% inflation target. Consequently, there’s a prevailing bearish sentiment towards the US dollar, keeping the EUR/USD pair comfortably above the 1.0750 threshold. However, the market remains vigilant ahead of this week’s data releases.

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.

  • Nothing changed since yesterday, price still ranging!
  • 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/PNLAomHC-EURUSD-7-May-2024-W19-Intraday-Analysis-EU-Retail-Sales/

I’m Amr

Passionate about the art of trading, I embark on a journey documenting experiences, insights, and growth, where every entry is a step in my journey. Step into my world where dedication meets strategy.

Let’s connect

October 2024
S M T W T F S
 12345
6789101112
13141516171819
20212223242526
2728293031  

ADP AUDUSD BTC Consumer Confidence CPI CPI Revisions Durable Goods DXY ECB ECB Meeting Minutes education EUR EURUSD FOMC GBPUSD GDP GOLD Home Sales Housing HTF IFO Industrial Production Interest Rate Intraday Jobless Claims Liquidity LTF Markups NASDAQ NFP PCE PMI Powell PPI Retail Sales Safe Haven Smart Money Concept SMC Structure Trade Balance USD USDJPY Weekly XAUUSD ZEW