EURUSD 12 Jan 2024 W2 - Intraday Analysis - US PPI Day

This is my Intraday analysis on EURUSD for 12 Jan 2024 W2 based on Smart Money Concept (SMC) which includes the following Time Frames:

1. 4H
   
2. 15m
   

NOTE : Nothing changed much also yesterday even with CPI news. a whole ranging week and i wish we get out of that range today so we can have better opportunities next week. Wishing everyone a good weekend.


4H Chart Analysis


1.

• Swing Bullish
  
• INT Bullish
  
• Reached EQ
  

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 creating Bullish CHoCHs.
  
• Still the OF is bearish within the Swing Pullback phase and the current PA is ranging, but as it's the pullback phase we would expect a Swing bullish continuation from current area or from the Swing extreme.
  
• With the latest Bullish CHoCH, if the demand holds, we could see a Swing continuation to target the current INT High. If it demand fails i would expect price continuing to the Swing extreme.
  Lets wait for LTF confirmations and price development.
  

3.

• Swing extreme demand for possible continuation to the upside.
  

15m Chart Analysis


1.

• Swing Bullish
  
• Internal Bullish
  

2.

• INT structure turned Bullish after mitigating the 4H demand zones and reaching the 15m Swing extreme.
  
• The recent break (Fail to close below Swing Low) resulted with another iBOS and formed a 15m/4H Demand zone.
  
• This demand is mitigated now we are currently ranging.
  
• For me it's clear now that market is waiting for CPI news today which will will provide us a clear view for next week.
  

3.

• After CPI news yesterday, we pushed above range high (NFP High) which enabled me after to mark INT Structure high as we did a CHoCH.
  
• Currently we still ranging inside the INT Structure. My Bias still Bullish till we see bearish Structures.