DAILY REVIEW 25 Sep 2013
EU: The Daily candle is a small spread (55pips) bear closing near the low on low vol<4days which indicates no selling pressure. Most broker platforms report about 70% traders are net short. As I write, SM has broken out of the Asian range of 1.3461 – 1.3480. The likely SM move will be to maintain buying pressure before they reverse downward to remove weak longs, a H1 close above 1.3492 will likely see price push up again to test the supply levels and we can expect to see price retest this level before going back to test 1.3555 and higher. Failure to break and hold above 1.3480 may see price retest the day low of 1.3461 or even push lower towards 1.3342 to remove weak longs. 
EU long levels:   1.3478, 1.3450, 1.3382, 1.3348  EU short levels:  1.3555, 1.3575, 1.3600, 1.3655, 1.3700, 1.3715


GU: The Daily candle is a normal spread (89pips) bear closing about 1/2 off the low on below-average vol<4days which suggests no buying pressure. Broker platforms continue to show that traders are still net-short. The Asian range is 1.5978 – 1.6002, SM has tested the Asia high and is likely to maintain buying pressure to fade weak shorts, probably to test the breakout level of 1.6022. A H1 close above this level will likely see price moving back up to retest supply, in which case we can reasonably expect a retest of this same level before price pushes up to the supply. Otherwise, price will probably retest the lows at 1.5954 or even the breakout level 1.5905 before  reversing upwards.
GU long levels:  1.5955, 1.5922, 1.5905  GU short levels:  1.6022, 1.6071, 1.6105, 1.6148, 1.6162, 1.6175, 1.6200