EURUSD 6 Feb 2024 W6 - Intraday Analysis - EU Retail SalesThis is my Intraday analysis on EURUSD for 6 Feb 2024 W6 based on Smart Money Concept (SMC) which includes the following Time Frames:
4H
15m
4H Chart Analysis
1.
Swing Bullish
INT Bearish
OF Bearish
In Swing Discount
2.
Price made a bullish BOS and after a BOS we expect a pullback.
After mitigating the Weekly Supply zone, price started the Swing pullback phase after a bearish CHoCH.
Price reached the 4H/Daily demand zones as expected after breaking the range and formed a Bullish INT Structure iBOS.
This Bullish iBOS failed to continue Bullish and we changed to Bearish INT Structure which means that the Swing Pullback Phase is not over.
We are also within the 4H Swing Demand/Discount so keep in mind that at anytime the Swing Continuation could start.
More price development needed with the current PA.
3.
Bearish momentum still active with a Bearish iBOS.
With the current series of bearish INT Structures, there is a HP that the 4H Swing Low will go as there is no much demand zones and the current demand is in mitigation and every move up is just a sell opportunity.
After the iBOS we would expect a pullback. Price failed to close below the 4H Low which could be a sweep of LIQ. In order to confirm a Sweep, i need at least a Bullish CHoCH as reaction from the Swing Low otherwise we will take the Swing Low as per the HTF expectations.
I'll be waiting 15m to align bullish to play the 4H iBOS pullback if possible. Other wise waiting for better Short opportunity from the 4H Supply at the INT High.
Lets wait for the LTF to guide us.
15m Chart Analysis
1.
Swing Bearish
INT Bearish
Waiting Pullback Phase
2.
Swing is Bearish and we are currently in the bearish momentum after the break.
Price reached the 4H Swing Low and the Daily INT Low and failed to close below (Just wicked micro pips below it). Could be a sweep of LIQ or just mitigation and continuation bearish. No HTF POI mitigation yet.
From a structure prospective, We are expecting a Pullback for the 15m Swing and the 4H INT Structure.
I'll wait for the pullback phase after the 15m Bullish iBOS putting in consideration that there is a HP that we can create a Bearish 4H BOS and Daily iBOS. (Shorting the lows or after Break of Structure is not my edge)
Lets wait and see more price development.
3.
15m INT Structure is bearish and we are in the continuation after the Swing BOS.
4H Supply within this INT Structure is the only supply that could provide a Bearish continuation. But be mindful that we could start also the Swing Pullback at anytime.
