EURUSD 5 Feb 2024 W6 - Intraday Analysis - EU PMI

This is my Intraday analysis on EURUSD for 5 Feb 2024 W6 based on Smart Money Concept (SMC) which includes the following Time Frames:

1. 4H
   
2. 15m
   

4H Chart Analysis


1.

• Swing Bullish
  
• INT Bearish
  
• OF Bearish
  
• In Swing 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 4H/Daily demand zones as expected after breaking the range and formed a Bullish INT Structure iBOS.
  
• This Bullish iBOS failed to continue Bullish and we changed to Bearish INT Structure which means that the Swing Pullback Phase is not over.
  
• We are also within the 4H Swing Demand/Discount so keep in mind that at anytime the Swing Continuation could start.
  
• More price development needed with the current PA.
  

3.

• Bearish momentum still active with a Bearish iBOS.
  
• With the current series of bearish INT Structures, there is a HP that the 4H Swing Low will go as there is no much demand zones and the current demand is in mitigation and every move up is just a sell opportunity.
  
• After the iBOS we would expect a pullback and the current CHoCH is the INT High. So either price engineer a new CHoCH or it will target the INT High (i Doubt we have catalyst for that this week).
  
• I'll be waiting 15m to align bullish to play the 4H iBOS pullback if possible. Other wise waiting for better Short opportunity from the 4H Supply.
  
• Lets wait for the LTF to guide us.
  

15m Chart Analysis


1.

• Swing Bearish
  
• INT Bearish
  

2.

• Swing couldn't sustain Bullish after the Bullish BOS and turned Bearish with NFP news on last Friday.
  
• After a BOS we expect a pullback but be mindful that HTF are looking to target the 4H Swing Low and Daily INT Low so there is a HP we will continue down.
  
• But for me following the structure and expectations, I'll be looking for the Swing Pullback after a bullish iBOS. And most probably will play the Bearish move when we tap into a HTF POI.
  

3.

• 15m INT Structure is bearish and we are in the continuation after the Swing BOS.
  
• Price could continue from here bearish to the 4H Swing Low.