EURUSD 9 Jan 2024 W2 - Intraday Analysis - US Trade Balance

This is my Intraday analysis on EURUSD for 9 Jan 2024 W2 based on Smart Money Concept (SMC) which includes the following Time Frames:

1. 4H
   
2. 15m
   

NOTE : Nothing changed since yesterday, price still ranging since last Friday NFP and market waiting US CPI on Thursday

4H Chart Analysis


1.

• Swing Bullish
  
• INT Bullish
  
• Reached EQ
  

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 Swing EQ/Discount, mitigating 4H/Daily demand zones creating Bullish CHoCHs.
  
• Still the OF is bearish within the Swing Pullback phase and the current PA is ranging, but as it's the pullback phase we would expect a Swing bullish continuation from current area or from the Swing extreme.
  
• With the latest Bullish CHoCH, if the demand holds, we could see a Swing continuation to target the current INT High. If it demand fails i would expect price continuing to the Swing extreme.
  Lets wait for LTF confirmations and price development.
  

3.

• Swing extreme demand for possible continuation to the upside.
  

15m Chart Analysis



1.

• Swing Bullish
  
• Internal Bullish
  
• At Swing Extreme Low
  

2.

• After the recent Bullish BOS price started a series of Bearish INT Structures to facilitate the Swing Pull Back.
  

3.

• INT structure turned Bullish after mitigating the 4H demand zones and reaching the 15m Swing extreme.
  
• The recent break (Fail to close below Swing Low) resulted with another iBOS and formed a fresh 15m/4H Demand zone.
  
• This demand is the last demand zone in order for the 15m Swing to stay bullish. If failed, then we will have a deeper push down and the 4H will have the second view for deep Swing Pullback.