EURUSD 6 May 2024 W19 - Intraday Analysis - EU PMI

This is my Intraday analysis on EURUSD for 6 May 2024 W19 based on Smart Money Concept (SMC) which includes the following:

1. Market Sentiment
   
2. 4H Chart Analysis
   
3. 15m Chart Analysis
   

Market Sentiment

Nothing changed from Friday, the EUR/USD surged to reach a new high for the week, surpassing recent congestion levels. This uptick followed a significant shortfall in the US Nonfarm Payrolls (NFP) data regarding labor and wages. The disappointing figures revived expectations across the market for a quicker pace of Federal Reserve (Fed) rate reductions.

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.

• 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.
  

3.

• 15m/4H Demand zones for possible longs one reached.