EURUSD 22 Apr 2024 W17 - Intraday Analysis - EU Confidence

This is my Intraday analysis on EURUSD for 22 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

The sentiment for the EUR/USD pair today is largely influenced by macroeconomic factors. On one hand, the Eurozone economy has been sluggish, which is holding back the Euro. On the other hand, the US Federal Reserve’s hawkish stance is keeping the US dollar underpinned.

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.
  
• With the INT Structure Pullback Phase initiated after the Bullish CHoCH. Price had a deep PB to the 4H Demand formed.
  
• Expectations is set to continue Bullish to facilitate the 4H INT and Swing Pullback Phases.
  

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.
  

15m Chart Analysis


1.

• Swing Bullish
  
• Internal Bearish
  
• Swing Continuation Phase
  

2.

• INT Structure turned Bearish after mitigating the 4H Supply zone.
  
• Sub internal is currently Bullish and there is a HP that the Strong INT High will get run based on the Bullish Swing Objective and the current Swing Continuation Phase.
  

3.

• 15m Demand Zones nested within a partially mitigated 4H Demand.
  
• Wouldn't be much confident to look for long entries from here if we didn't have a Bullish BOS as when price is here it will mean that INT is so bearish that the current 15m Swing Low / 4H Low will be run.