EURUSD Intra-Day Setup June 16 '23Multi-timeframe Analysis
This intra-day move is guided by 3M, M, W, and Daily structures analysis.
Daily Outlook (D)
6/15/23
Daily structure has broken to the upside to support the Weekly Timeframe's narrative in forming a right shoulder to the key weekly areas identified (Weekly Supply and imbalance)
Expectation:
Continue the uptrend until it reaches weekly key areas identified and when price does, we are to expect a break of D/H4 structures to the downside.
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Weekly Outlook (W)
6/15/23
Still making higher highs and lower highs
Last week of May just made the last higher low @ Weekly fib 78.6 level
Expectation:
IF
Continues uptrend: reach last HH level or 1.1100 and eventually 1.1250 (27 ext)
If not:
Price reactions from levels below:
1) 0.0865
H&S Weekly line and does a downtrend from there
2) Weekly IMB and OB with BOS down.
INVALIDATION POINT: 1.1092
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Monthly Outlook (M)
6/15/23:
BIG REACTION from Monthly Fib 618 level that it ENGULFED last month's candle to the downside
Expectation:
Bear trend commencement with supporting price action coming from the weekly and daily structures.
If not, we continue to be bulls until weekly structure supports an uptrend above Key price indicated in the weekly timeframe.
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Yearly Outlook (3M+)
6/15/23:
Still in a clear downtrend making LL's and LH's HOWEVER,
***Q4 of '22 engulfed Q3. This may be the last HL in decades.
***Price seems to respect 1.1050/1150 3M key zone. This area is also a mitigation of the 3M+ structural imbalance created in '01
3M+ Expectation:
Due to price action and candle formations, 0.9536 may be the last Higher Low to be made and the next 10 years will be an uptrend.
If not, the Monthly and weekly will be trending down in key areas identified until 0.9536 is breached and once that is done, it will trend down further.
Next target below (if price goes down) 0.8773
If not:
Price will breach 1.1091 and could further potentially breach until 1.1200 - 1.2300
