Before I share my EURUSD analysis for today, here are the long to mid-term candlestick patterns of it:

Daily Candle (Previous Close): Red Large Spinning Top

Both EURUSD yearly and monthly candles are forming small red body candlesticks (bearish).

Interestingly, the current weekly candle is in a red spinning top and yesterday’s candle close is a large spinning top. These formations suggest there were both active sellers and buyers in the EURUSD markets.

Last Tuesday (on January 16), I have spotted a displacement that were confirmed as a resistance in yesterday’s swing high.

From this rejection, the 4H FVG has formed and it got my attention. Honestly, the structure looking at this 4H chart is complex and a bit challenging to take a trade.

I will set a short entry inside this FVG assuming that the buyers will take profit from yesterday’s swing low.

The sell stop loss will be placed above yesterday’s swing high and take profit exits on a possible new lower weekly swing low. A 2 to 1 risk:reward setup.

I highly speculate that there’s a probability for a new lower low this week once the 4H FVG is respected.

EURUSD Intraday Analysis and Trading Plan For January 24, 2024

Jan 24 2024

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