DAILY REVIEW 9 Sep 2013
EU: Weekly: The candle is a small-spread (122pips) bear hammer closing on low volume >1week. The Daily candle is a normal spread (84pips) bull closing just off the high on above-average vol<14ay with daily bullish volume divergence. The weekly close and volume suggests no selling interest. Technicals: 30 Aug 2013 high@1.3254 confluence with backside of trendline. Daily 38.2%Fib@1.3187 confluence with 3 Sep 2013 high@1.3196 and key level@1.3200 Daily ema200 @1.3059 (confluence demand previous retest @ 1.3060) (also test of demand at intermediate spring 1.2990 – 1.3108). Broker platforms show that shorts have increase slightly again. With the NFP results missing expectations, prices pushed up as expected. However, the reality is that the expected military action against Syria is still looming and US QE tapering is still very much alive, at least discussion-wise so overall sentiment will still favor safe-haven currencies. Price is also in “no man’s land” this is again likely to push it to demand levels which is nearer rather than supply levels above. The close and volume of the daily candle suggests more upside. The market opened with a 20pips gap down but has since closed, and with price bouncing up from the daily 50% Fib, many Fib traders are going to believe it is a valid long trade. SM is likely to create buying pressure to fade the weak shorts before reversing back down to take out Friday’s lows.
EU long levels:   1.3100, 1.3090, 1.3061, 1.3000, 1.2962, 1.2870  EU short levels:  1.3200, 1.3217, 1.3258


GU: Weekly: The candle is a small spread (175pips) bull closing 1/3 off the high on low vol<34weeks. The Daily candle is a normal spread (119pips) bull closing 2/3 off the high on below-average vol>1day with bearish volume divergence. The weekly candle close and volume suggest no demand, however price is close enough to the weekly supply level 1.5725 – 1.5750 to test. Technicals: Supply levels at 1.5725 – 1.5750, 68.1%Fib@1.5780 potential daily supply level @ 1.5800 – 1.5820 Broker platforms do indicate a higher percentage of traders short than the EU. The daily close and volume suggests no buying interest. With price close enough to large orders at supply levels, SM will be likely to fade the weak shorts by creating buying pressure before reversing downwards. 
GU long levels: 1.5570, 1.5525, 1.5516, 1.5500, 1.5480, 1.5420 GU short levels: 1.5665, 1.5687, 1.5711, 1.5720, 1.5750, 1.5780, 1.5800, 1.5820