EURUSD 6-10 May 2024 W19 Weekly Analysis
This is my Weekly analysis on EURUSD for 6-10 May 2024 W19 based on Smart Money Concept (SMC) which includes the following:
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
https://www.tradingview.com/x/1SYrbnfD/
1.
2.
3.
4.
Daily Chart Analysis
https://www.tradingview.com/x/d8uYtmZm/
1.
2.
3.
4.
4H Chart Analysis
https://www.tradingview.com/x/QXuhe0Gd/
1.
2.
3.
Economic Events for the Week
https://www.tradingview.com/x/Xbqvkctc/
- Market Sentiment
- Weekly Chart Analysis
- Daily Chart Analysis
- 4H Chart Analysis
- Economic Events for the Week
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
https://www.tradingview.com/x/1SYrbnfD/
1.
- 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
https://www.tradingview.com/x/d8uYtmZm/
1.
- 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
https://www.tradingview.com/x/QXuhe0Gd/
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.
Economic Events for the Week
https://www.tradingview.com/x/Xbqvkctc/
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.