EURUSD 6 May 2024 W19 - Intraday Analysis - EU PMI
This is my Intraday analysis on EURUSD for 6 May 2024 W19 based on Smart Money Concept (SMC) which includes the following:
Market Sentiment
Nothing changed from 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.
4H Chart Analysis
https://www.tradingview.com/x/9rSaJvDz/
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15m Chart Analysis
https://www.tradingview.com/x/QVbtIATX/
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- Market Sentiment
- 4H Chart Analysis
- 15m Chart Analysis
Market Sentiment
Nothing changed from 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.
4H Chart Analysis
https://www.tradingview.com/x/9rSaJvDz/
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
https://www.tradingview.com/x/QVbtIATX/
1.
- Swing Bullish
- Internal Bullish
- Long : Phase A2
- Short : Phase D
2.
- 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.
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