Happy Tuesday EURUSD traders and speculators alike.

My last trade plan has ended in a stop loss again. I am now 1 win and 6 losses since January 24, 2024.

https://www.finlogix.com/analysis/20240204/eurusd-intraday-analysis-and-trading-plan-for-february-4-2024

Like I said on my previous articles for EURUSD, it’s very tough and challenging to find good trade setups in choppy price actions.

I also admit that I am fighting the downtrend and waiting for a market reversal. There’s no excuse of having bias like that. We continue to express what we see in the markets despite various economic conditions.

Let’s re-assess the high timeframe candles:

Yearly Candle: Still a Big Red Candle since last check

Monthly Candle: Still a Red Long Upper Shadow

Weekly Candle: Previous close is a Red Long Upper Shadow with a Medium Body current is a Red Shaven Head with Short Head Wick

Daily Candle: Yesterday’s close is a Medium Red Candle with a Longer Tail Wick

It looks like EURUSD has bottomed out after Fed’s Chair Powell delivered his remarks yesterday. The US dollar (DXY) index printed a new 82-day high and I reckon that is the local top for the meantime and pullbacks commence within this week although cautious that the Greenback still in a good buying position.

So far the buyers are able to hold the psychological and crucial 1.07 level this week’s dip at least for now.

Sellers were able to push price lower back to the December 2023 external swing lows and even printed lower through sell-side liquidations!

Price has recovered since this drop and the previous weekly/monthly swing I’ve drawn in the updated chart above will be our immediate supply zone. From this zone is where the new 1W FVG is residing that will be tested first before EURUSD continue going lower targeting the re-tested December 2023 and the recent local lows.

For the day, I am looking for a break-out buy entry above 1.0750, aiming to sell inside the 1W FVG territory and the stop loss mark is below the consecutive four 4H candles. All for a 2 to 1 risk:reward setup.

EURUSD Intraday Analysis and Trading Plan For February 6, 2024

Feb 06 2024

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