EURUSD 22 Mar 2024 W12 - Intraday Analysis - US Powell SpeaksThis is my Intraday analysis on EURUSD for 22 Mar 2024 W12 based on Smart Money Concept (SMC) which includes the following Time Frames:
4H
15m
4H Chart Analysis
1.
Swing Bearish
INT Bullish
Swing Pullback Phase
2.
After a BOS and iBOS we expect a Pullback.
As expected after the Bullish CHoCH and mitigation of 4H/Daily Demand zones, we initiated the INT Structure Pullback.
Price reached the 4H/Daily Supply and from there we could start the bearish continuation.
Price failed to continue the bearish move and as expected it changed bullish and created iBOS confirming Swing Low and Bearish Swing Pullback Phase started.
3.
4H Swing pullback phase still active with Internal Structure continuing bullish with a new iBOS.
After iBOS we expect a pullback. Price had reached the INT Structure Demand zone and created a Bullish CHoCH which indicates that the INT Pullback maybe over and we are currently targeting the Weak INT High. after which price failed to target the Weak INT High.
Current price indicate that we will have a deep 4H INT Pullback to maybe the 4H/Daily Demand zones before any continuation.
4.
As expected, Price reached the Daily demand zone as refereed to the deep INT Structure Pullback.
We have now the 2 scenarios; if price will continue up targeting the Weak INT High we will respect the Strong Low.
If price breaking the Strong INT Low, then the Daily view in play and we will target the 4H/Daily Weak Swing Low.
15m Chart Analysis
1.
Swing Bearish
Internal Bearish
2.
As expected, price failed to continue bullish after the reversal of FOMC News.
With the Swing turning bearish, we confirmed the HTF bearish Continuation.
3.
Last HP POI on 15m/4H for price to continue the bullish Swing.
Longs makes sense from these POIs but with currently reversal of yesterday news, there is a HP that price will take out the Strong Swing Low to continue the 4H/Daily bearish structures.
