Amr-Sadek

EURUSD 19-23 Feb 2024 W8 Weekly Analysis - EU CPI/PMI Week

FOREXCOM:EURUSD   Euro / U.S. Dollar
This is my Weekly analysis on EURUSD for 19-23 Feb 2024 W8 based on Smart Money Concept (SMC) which includes the following Time Frames:

  1. Weekly
  2. Daily
  3. 4H
  4. Economic Events


Weekly Chart Analysis


1.
  • Swing Bearish
  • Internal Bearish
  • Reached Swing EQ
  • (Pro Swing + Pro Internal)

2.

  • After the Bearish iBOS we expected pullback, price tapped into Liq on the lift and a Weekly demand zone which provided a pullback and formed a bullish CHoCH confirming INT Low.
  • Price reached the INT Extreme and tapped the Weekly Supply Zone and as expected we are targeting at least the CHoCH and then the Weak INT Low.
  • Price did the Bearish ChoCH and formed a fresh Supply zone which will be potential for shorts once reached to continue the Bearish INT structure and Swing too.

3.

  • With the Bearish INT Structure we have the confirmation that the Swing Pullback is over and we are currently in the Swing Continuation Phase.
  • Price had reached the Bearish INT Structure extreme and showed reaction from which resulted in a Bearish CHoCH.
  • Expectation now set to see price continuing bearish.


Daily Chart Analysis


1.

  • Swing Bearish
  • INT Bearish
  • Swing Continuation / INT Pullback

2.

  • Within the Bearish Swing we are currently in the Swing pullback reached the Swing extreme area and mitigated a Weekly Supply zone (But didn't reach the Daily Supply) and started the INT Structure Pullback after the Bullish iBOS.
  • For the Bearish Swing to continue bearish, we want to see a Bearish iBOS to confirm that the Swing Pullback is over and we are in the Swing Continuation to target the Weak Swing Low.
  • Price confirmed a Bearish iBOS and this signals the Swing continuation phase.

3.

  • After the iBOS we expect a Pullback.
  • Price is currently within the Daily demand on the left which is partially mitigated and approaching a Weekly Demand Zone which could provide reaction to facilitate the Bearish INT Structure Pullback.
  • Bullish CHoCH will confirm INT Low and INT Structure Pullback maybe starting.

4.

  • Daily and Weekly demand zones for reactions once reached.


4H Chart Analysis


1.
  • Swing Bearish
  • INT Bearish
  • INT 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.
  • Also be mindful that there is also a pullback required for the 4H Swing so there is a HP if price going to stay bullish we will take the Strong INT High.
  • Bullish iBOS will signal a Swing Pullback.


Economic Events for the Week