Amr-Sadek

EURUSD 8 Dec 2023 Intraday Analysis - NFP Day!

Amr-Sadek Updated   
FOREXCOM:EURUSD   Euro / U.S. Dollar
This is my Intraday analysis on EURUSD for 8 Dec 2023 based on Smart Money Concept (SMC) which includes the following Time Frames:

  1. 4H
  2. 15m


4H Chart Analysis


1.

  • Swing Bullish
  • INT Bullish
  • Reached EQ

2.

  • INT structure turned bullish which is a sign that the Swing pullback my had finished and we could continue up following the Bullish Swing.
  • We didn't mitigate any HTF POI till now for this INT structure to hold. May be the daily range on the left could be the reason of the INT to turn bullish! We will see after.
  • Currently we are mitigating the 4H demand that caused the Bullish iBOS and as long we respect the INT Low the possibility of moving up from his is high.
  • Waiting for LTF to show me more developments.

3.

  • Swing low and last demand for potential buys.


15m Chart Analysis


1.

  • Swing Bullish
  • Internal Bullish
  • Reached EQ

2.

  • Swing turned bullish after a series of bearish structures which indicates that the 4H Swing pullback may ended and we may continue the Bullish 4H Swing move.
  • Current bullish Swing structure is a sign of bullishness but looking on the left, we still in a range which is not convincing much and could be a a pause in the market before heading down again.
  • Away from that, as long i trust the structure and accept the outcome from it, i'll be looking for longs to continue that bullish Swing as long we don't break the Swing low and form again a bearish Structure.

3.

  • 15m Demand within the 4H Demand which could provide opportunity for longs as long we respect the Swing Low.

Comment:
This is my current long i took it yesterday based on the bullish bias. Currently my SL is below the 15m Swing low and any candle closing below it will invalidate the buying scenario and i'll close my trade. Targets are based on the 4H structure and will be the 4H Swing High.

Just to note, today is NFP and this is just positioning before NFP as it could be the catalyst to move in my direction or the opposite and i'll have the honor of trying.

15m Chart:
Comment:
Frankfort Open 15m Chart:
Trade closed: stop reached:
The trade closed on Loss. The news came in favor of the USD.

I would say that this trade reached the point of being a 50/50 before the news as price was hovering around the entry which is not a good positioning for trading NFP.

Glad that i did stick with my plan!

15m Chart :