To wrap my analyses this Sunday, I will update insights for the EURUSD as well.

Like Gold, Euro suffered heavily after the two major news came out on Friday.

https://www.finlogix.com/analysis/20240202/eurusd-intraday-analysis-and-trading-plan-for-february-2-2024

The EURUSD price action continues to exhibit choppiness and I admit it’s very challenging to trade in this type of market structure.

Sellers stepped in right away with heavy short positions on one particular 4H red candle. The following candle still has no answer to the strong sell-off.

All the 4H FVGs I’ve drawn in the charts have been completely overlapped including the 1H FVG.

Fortunately, the EURUSD has found support on the monthly/weekly swing lows to end Friday’s trading session.

The 1.07 is EURUSD's psychological level of its own and staying above this 1.07 mark is crucial!

Let’s update EURUSD's high timeframe candles first before we move on to my next trade plan:

Yearly Candle: Last check was a Red Shaven Head now a Big Red Candle

Monthly Candle: Last check was a Green Shaven Head with short Head Wick now a Red Long Upper Shadow

Weekly Candle: Last check was a Green Hammer now a Red Long Upper Shadow with a Medium Body

Daily Candle (Previous Close): Big Red Candle with a Higher Head Wick

Resumed bearishness. Moving down trendlines are manifested by these large timeframe patterns. It will be up to the supports now.

Should the current weekly/monthly swing lows break down on Monday opening, then price continues to seek the sell-side liquidity targeting December 2023 external swing lows.

I will set a buy order on the 23.60% fib retracement from December 2023 low to the broken weekly/monthly swing lows as reference points while setting a stop loss at 78.60% and taking profit above the overlapped 1H FVG drawn in the chart above thus giving a 2.0 risk:reward score.

EURUSD Intraday Analysis and Trading Plan For February 4, 2024

Feb 04 2024

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