EURUSD 7 May 2024 W19 - Intraday Analysis - EU Retail Sales
This is my Intraday analysis on EURUSD for 7 May 2024 W19 based on Smart Money Concept (SMC) which includes the following:
Market Sentiment
Today's sentiment for EUR/USD pair is shaped by pivotal occurrences from the previous week. The release of weaker-than-anticipated Non-Farm Payroll (NFP) data prompted a decline in the US dollar, lending some buoyancy to the EUR/USD pair. Additionally, the Federal Open Market Committee (FOMC) statement and remarks from Federal Reserve Chair Jerome Powell wielded considerable influence. The FOMC opted to maintain the policy interest rate and continue tapering securities holdings. Powell reiterated the Fed's unwavering commitment to achieving their 2% inflation target. Consequently, there's a prevailing bearish sentiment towards the US dollar, keeping the EUR/USD pair comfortably above the 1.0750 threshold. However, the market remains vigilant ahead of this week's data releases.
4H Chart Analysis
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15m Chart Analysis
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- Market Sentiment
- 4H Chart Analysis
- 15m Chart Analysis
Market Sentiment
Today's sentiment for EUR/USD pair is shaped by pivotal occurrences from the previous week. The release of weaker-than-anticipated Non-Farm Payroll (NFP) data prompted a decline in the US dollar, lending some buoyancy to the EUR/USD pair. Additionally, the Federal Open Market Committee (FOMC) statement and remarks from Federal Reserve Chair Jerome Powell wielded considerable influence. The FOMC opted to maintain the policy interest rate and continue tapering securities holdings. Powell reiterated the Fed's unwavering commitment to achieving their 2% inflation target. Consequently, there's a prevailing bearish sentiment towards the US dollar, keeping the EUR/USD pair comfortably above the 1.0750 threshold. However, the market remains vigilant ahead of this week's data releases.
4H Chart Analysis
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
1.
- Swing Bullish
- Internal Bullish
- Long : Phase A2
- Short : Phase D
2.
- Nothing changed since yesterday, price still ranging!
- 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.
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- 15m/4H Demand zones for possible longs one reached.
