"Hello traders!
Today, we're diving deep into EURUSD with a comprehensive analysis combining Price Action, Elliott Wave principles, and Smart Money Concepts (SMC).
On the chart, we observe key price action elements including:
- * A 'Psychological FVG' (Fair Value Gap) around the 1.15100 - 1.15261 area, which could act as a potential resistance or reversal poin
- * A target or support level identified around 1.14494 and further down at 1.14502.
- Looking ahead, the diagram on the right illustrates a potential Elliott Wave structure integrated with SMC concepts:
- * We see proposed waves leading to a 'BOS' (Break of Structure) indicating a shift in market control.
- * An 'Imbalance' zone is highlighted, suggesting an area where price might seek to rebalance before continuing its move.
- * The overall structure points towards a continued bearish momentum after potential retracements.
- Key Takeaways:
- * Watch the identified FVG for potential reactions.
- * Monitor for further BOS confirmations to validate the bearish outlook.
- * The 'Imbalance' zone could offer shorting opportunities if price retests it.
- This analysis provides a multi-faceted approach to understanding potential future price movements in EURUSD. Always remember to manage your risk effectively.
- What are your thoughts on this analysis? Share your insights in the comments below!
- #EURUSD #Forex #PriceAction #ElliottWave #SMC #TradingAnalysis #TechnicalAnalysis #MarketOutlook #ForexTrading"
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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.
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.