EURUSD 6 Mar 2024 W10 - Intraday Analysis -US ADP / Powell day 1
This is my Intraday analysis on EURUSD for 6 Mar 2024 W10 based on Smart Money Concept (SMC) which includes the following Time Frames:
Note: Nothing changed since yesterday except 15m Sub INT turned Bullish aligning with 15m INT and Swing Bullish
4H Chart Analysis
https://www.tradingview.com/x/3Hv0uUis/
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15m Chart Analysis - Out
https://www.tradingview.com/x/M06CimFq/
15m Chart Analysis - In
https://www.tradingview.com/x/U3fADqo5/
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2.
3.
- 4H
- 15m
Note: Nothing changed since yesterday except 15m Sub INT turned Bullish aligning with 15m INT and Swing Bullish
4H Chart Analysis
https://www.tradingview.com/x/3Hv0uUis/
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.
- After Bullish iBOS confirming Swing Pullback Phase started, We are expecting INT Pullback.
- Price reached the 4H Supply as expected and showed solid reaction from there. This reaction is starting the Bullish INT Structure Pullback.
- We didn't do a Bearish CHoCH to confirm INT High yet. So, there is a probability that price could tap into the CHoCH.
- Also we tapped into a Daily Demand (Not a HP zone) which is currently containing price.
- As the 4H Swing is bearish, the Swing pullback could be over after reaching the 4H Supply, Bearish CHoCH will be the initial weak conformation and a Bearish iBOS will be the solid confirmation for that scenario.
- Other scenario is a deeper Swing Pullback and 4H INT will stay Bullish to facilitate that view.
15m Chart Analysis - Out
https://www.tradingview.com/x/M06CimFq/
15m Chart Analysis - In
https://www.tradingview.com/x/U3fADqo5/
1.
- Swing Bullish
- INT Bullish
- INT INT Bullish
- INT Continuation Phase
2.
- Swing turned bullish to facilitate the 4H Swing Pullback.
- INT Structure still holding bullish adding to the expectation that the 4H Pullback is going to be deeper which will require the 15m to stay bullish.
3.
- As we had a long period ranging within the INT Structure. We had formed Sub Internal Structure which turned bullish.
- Sub INT structure aligned with INT and Swing to continue bullish. Still i expect price to target the Weak INT High.
- Overall price is ranging and no momentum in the market which means that the market players are waiting for a catalyst today from US ADP and Powell Testifies today and tomorrow.
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