In my previous analyses, I forgot to mention that there are more major economic news scheduled this week besides the FOMC speech and the Fed Rates. They are the Unemployment and Non-farm Payroll figures respectively.

The unemployment claims went higher than expected which immediately triggered heavy Greenback selling and favoring the Euro pump.

My third EURUSD analysis on Tuesday got stopped out resulting for a 1 win and 3 losses up to date.

Funny thing is, after my buy stop got triggered, heavy buying has occured, changing direction targeting the buy side liquidity after the fresh weekly and monthly swing lows have been printed on the 4H charts!

At the time of writing, EURUSD bulls are trying to break the 2-week old resistance which if proven successful will further aims the 1.0920 upside retracement extension referenced by the December 2023 swing high to February 2024 swing low.

It’s Friday still and NFP figures still awaiting for results so markets are still subject for volatility.

Before we continue, here’s a recap on my 4th EURUSD analysis:

https://www.finlogix.com/analysis/20240130/eurusd-intraday-analysis-and-trading-plan-for-january-30-2024

Re-assessing EURUSD’s higher timeframe candlestick patterns:

Yearly Candle: Last check was a Medium Red Body With Short Lower Tail Wick now a Red Shaven Head

Monthly Candle: Last check was a Medium Red Body With Short Lower Tail Wick now a Green Shaven Head with short Head Wick

Weekly Candle: Last check was a Red Spinning Top now a Green Hammer

Daily Candle (Previous Close): Extended Green Hammer

Higher timeframes have suddenly become bullish! There’s a change in price pace seeking short sellers’ stops if we zoom in through the faster timeframes like 1-Hour and 5-minute.

Myy intraday trade plan is to get ready for potential pullbacks for the weekly closing. EURUSD at press time is still flirting inside the bearish and bullish 4-H FVG territories. Long coverings are stronger though.

There is a new bullish 4H FVG and pullbacks inside is my next buy entry. I setup for a 3 to 1 risk:reward score with a profit level targeting the 50% December 2023 and February 2024 swing points.

I put a stop loss at 1.08 in case there will be a complete downward retracement on the latest bullish 4H candle.

That’s it for now. Let’s give this trade plan more room next week.

EURUSD Intraday Analysis and Trading Plan For February 2, 2024

Feb 02 2024

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