EURUSD 18 Jan 2024 W3 - Intraday Analysis - ECB Minutes

This is my Intraday analysis on EURUSD for 18 Jan 2024 W3 based on Smart Money Concept (SMC) which includes the following Time Frames:

• 4H
  
• 15m
  

4H Chart Analysis

1.

• Swing Bullish
  
• INT Bearish
  
• OF Bullish
  
• In Discount
  

2.

• Price made a bullish BOS and after a BOS we expect a pullback.
  
• After mitigating the Weekly Supply zone, price started the Swing pullback phase after a bearish CHoCH.
  
• Price reached the Swing EQ/Discount, mitigating 4H/Daily demand zones and ranged.
  
• OF is bearish within the Swing Pullback phase signaling that we still looking for deeper pullback to the next Daily/4H Demand zones.
  
• Current targets will be the Daily/4H demand zones and we can wait for price development on LTF to see if we will resume the Bullish Swing or not.
  

3.

• Swing extreme demand for possible continuation to the upside.
  

15m Chart Analysis

1.

• Swing Bearish
  
• Internal Bullish
  
• Pullback Phase
  

2.

• Finally we are out of the range where the 15m Swing turned bearish signaling the expectation that if the Swing turned bearish then the 4H is having a deep pullback phase within the 4H Bullish Swing.
  
• After a BOS we expect a pullback phase to initiate and we will be looking for Bullish iBOS to confirm Swing Low and the initiation of the Swing pullback.
  
• I'll be cautious that after range we were in the momentum will be aggressive and pullback may not happen directly and following the current INT structure will be the safe option.
  

3.

• INT Structure turned Bullish (iBOS) confirming a 15m Swing Low formed and the start of the 15m Swing pullback Phase.
  
• Expectation now is set to play the pullback phase as Bullish move till we reach a HP 4H Supply zone.
  
• Just to note that we didn't mitigate any POI to initiate the current Pullback. So be cautious that we may also continue Bearish till we mitigate the Daily/4H demand zone and from there we could continue the 4H Swing Bullish Continuation Phase.
  

Comment:

Frankfort Open 15m Chart Update: