EURUSD 21 Mar 2024 W12 - Intraday Analysis - EU PMI/US PMI

This is my Intraday analysis on EURUSD for 21 Mar 2024 W12 based on Smart Money Concept (SMC) which includes the following Time Frames:

4H
15m

4H Chart Analysis


1.

• Swing Bearish
  
• INT Bullish
  
• Swing Pullback Phase
  

2.

• After a BOS and iBOS we expect a Pullback.
  
• As expected after the Bullish CHoCH and mitigation of 4H/Daily Demand zones, we initiated the INT Structure Pullback.
  
• Price reached the 4H/Daily Supply and from there we could start the bearish continuation.
  
• Price failed to continue the bearish move and as expected it changed bullish and created iBOS confirming Swing Low and Bearish Swing Pullback Phase started.
  

3.

• 4H Swing pullback phase still active with Internal Structure continuing bullish with a new iBOS.
  
• After iBOS we expect a pullback. Price had reached the INT Structure Demand zone and created a Bullish CHoCH which indicates that the INT Pullback maybe over and we are currently targeting the Weak INT High. after which price failed to target the Weak INT High.
  
• Current price indicate that we will have a deep 4H INT Pullback to maybe the 4H/Daily Demand zones before any continuation.
  

4.

• As expected, Price reached the Daily demand zone as refereed to the deep INT Structure Pullback.
  
• We have now the 2 scenarios; if price will continue up targeting the Weak INT High we will respect the Strong Low.
  
• If price breaking the Strong INT Low, then the Daily view in play and we will target the 4H/Daily Weak Swing Low.
  

15m Chart Analysis


1.

• Swing Bullish
  
• Swing Pullback Phase / Discount
  

2.

• With FOMC news, price created a bullish BOS.
  
• After the BOS we expect a pullback and currently price reached the Swing EQ and Discount zone.
  

3.

• Last HP POI on 15m/4H for price to continue the bullish Swing.
  
• Longs makes sense from these POIs but with currently reversal of yesterday news, there is a HP that price will take out the Strong Swing Low to continue the 4H/Daily bearish structures.