EURUSD 24 Apr 2024 W17 - Intraday Analysis - US Durable Goods

This is my Intraday analysis on EURUSD for 24 Apr 2024 W17 based on Smart Money Concept (SMC) which includes the following:

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

Market Sentiment

EURUSD is slightly bullish: The Euro is currently showing some strength, having gained yesterday strong Euro data and on weaker US data.

Market is cautious: Upcoming US inflation data is keeping investors cautious, potentially limiting gains for the Euro. US Durable Goods will be the watch today for volatility.

4H Chart Analysis


1.

• Swing Bearish
  
• Internal Bearish
  
• INT / Swing 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.

• After a BOS we expect a Pullback. Currently price within the Weekly Demand and approaching a 4H/Daily demand zone.
  
• As expected price reached the 4H supply with possible reaction from there.
  
• Expectations is set to continue Bullish to facilitate the 4H Swing Pullback.
  

4.

• 4H Supply zone for possible reactions. But note that it's not well positioned within the 4H Swing (In Discount) so there is a probability that it will get run till the Swing EQ/Daily Supply zone.
  
• Bearish CHoCH will be the first sign fora bearish reaction from the 4H Supply.
  

15m Chart Analysis


1.

• Swing Bullish
  
• Internal Bullish
  
• Long: Phase A2
  
• Short: Phase C (Require Bearish iBOS)
  

2.

• Price had created another Bullish Swing BOS aligning with the HTF requirements for a Pullback.
  
• Price had reached 4H Supply zone which could initiate the Swing Pullback Phase. For a PB phase to start we need a Bearish iBOS.
  

3.

• Current INT Low is the 4H Fractal CHoCH