DAILY REVIEW 25 Oct 2013
EU: The Daily candle is a below-average spread (62pips) bull spinning top closing off the high on increased vol>4days with continued bearish volume divergence and the Asian range is 1.3784 – 1.3831 at the moment, price has broken but failed to close above yesterday’s high. Yesterday’s close and volume suggests possible topping out is coming. Price remains within the daily congestion level approximately 1.3741 – 1.3866 A significant level is the month high 1.3870 (Nov 2011). TR is 1.3763 – 1.3831 A continued daily bearish volume divergence is in place and may give a possible reversal at or near current levels. Today is Friday so we can expect that SM will want to reverse direction of the past week to book profits so they will likely want to keep the bulls piling in. SM is likely to maintain buying pressure especially after throwing 2 pins to the high on H1 to induce shorts, keep the upward move, maybe make one last push to around the month high of 1.3860 - 1.3880 to take stops and drop for a reversal. A H1 close below the TR low of 1.3741 may see more downside. 
EU long levels: 1.3763, 1.3743, 1.3726  EU short levels: 1.3865, 1.3900


GU: The Daily candle is a normal spread (85pips) bull spinning top closing about ¼ off the high on increased vol>4days.The candle close and volume suggests that there was buying into the candle so further upside is possible. The Asian range is 1.6178 – 1.6245. SM has been busy taking out the weak short from the herd as they kept piling in short positions. Price may test and break the high, if so, potential supply is at 1.6300 key level, 1.6330 and 1.6380 (swing high 2 Jan 2013) Probable SM move will be to create selling pressure to re-induce shorts and then reverse to test the highs.
GU long levels: 1.6180, 1.6160, 1.6137   GU short levels:  1.6259, 1.6325, 1.6353, 1.6380