EURUSD 2 Feb 2024 W5 - Intraday Analysis - NFP Day!

This is my Intraday analysis on EURUSD for 2 Feb 2024 W5 based on Smart Money Concept (SMC) which includes the following Time Frames:

4H
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.

• As the INT Structure turned Bearish, we resumed again the Swing Pullback which in my opinion going to target the Swing Low.
  
• After iBOS we expected a Pullback, CHoCH is the first sign that the INT Structure Pullback is starting.
  
• Price did the Pullback and failed after to break and close below the Weak INT Low. This leaded to target the High that failed to break the low.
  
• Still the INT is bearish but in point #2 we are assuming that Bullish Swing Continuation could start at any time so this could be the one. Bullish iBOS will be a solid sign for that.
  
• More Price development needed to assess better.
  

15m Chart Analysis


1.

• Swing Bearish
  
• INT Bullish
  
• Swing Extreme
  

2.

• Swing is Bearish after mitigating a HTF Supply.
  
• After a BOS we expect a pullback, INT structure turned Bullish to facilitate the Swing Pullback where we reached the15m Swing Extreme and 4H Supply Zone.
  
• INT Structure still bullish so there is HP to take out this Strong Swing High.
  
• On the Flip side, a failure to create a Bullish BOS and we get a Bearish iBOS will indicate that the Swing Pullback is over and we could be starting the Pro Bearish Swing Move.
  
• Today NFP so be cautious.
  

3.

• 15m/4H Demand zones for reaction when reached.