DAILY REVIEW 11 Oct 2013
EU: The Daily candle is a small spread (58 pips) near-doji bear closing about slightly more than ½ off the low on below-average vol<1days. The close and volume suggests that SM bought into the candle lows and suggests possible upside.   The Asian range is 1.3517 – 1.3543 with TR 1.3504 – 1.3545, H4 TR is 1.3461 – 1.3645. H4 TR is unchanged, Lower (TRL): 1.3461 – 1.3520 Upper (TRU): 1.3521 – 1.3645 SM is likely to create selling pressure and probably not spike yesterday’s low this is likely to release traders that are trapped short. Nothing has really changed yet except that yesterday appears to be continued accumulation. SM is likely to create selling pressure from the current high and reverse around the 1.3505 – 1.3510 level and reverse for the push back up. This is a likely scenario as stops below the key level 1.3500 have likely been grabbed already in their forage yesterday. There are short-term supply/demand and manipulation levels that have confluence with Fibs that I will interested in a possible reversal. However, looking for trades at the TRL and TRU should provide good entries. A H1 close below 1.3561 will likely see more downside.  
EU long levels:  1.3507, 1.3485, 1.3462, 1.3355, 1.3270 EU short levels:  1.3520, 1.3535, 1.3553, 1.3575, 1.3600, 1.3631, 1.3655, 1.3670, 1.3700, 1.3715


GU: The Daily candle is a small spread (64pips) bull closing off the high on below average vol<2days. The candle close and spread suggests no buying pressure. As I write, the Asian range is 1.5962 – 1.5989 and looks to go higher and the TR high of 1.5985 just broken. The TR is 1.5913 - 1.5985 Any continued upward movement is more likely to be a retracement at this point in time. SM has just broken above the TR high of 1.5985 Being Friday, SM will want to book some profits after the monster move down so we may see SM do a whiplash-type movement, from possibly the 1.6000 key level to induce shorts on selling pressure, perhaps even up to around 1.5940 and reverse back upwards, at this point, the whole pack of shorts will be piling on orders and once SM is full, they will reverse up with renewed vigour to the 1.6000 or higher. A H1 close below 1.5850 will likely see more downside.
GU long levels: 1.5940, 1.5927 1.5900, 1.5880, 1.5850 GU short levels: 1.6000, 1.6120, 1.6155, 1.6180, 1.6197, 1.6226, 1.6240, 1.6259, 1.6320, 1.6353, 1.6380