DAILY REVIEW 8 Oct 2013
EU: The Daily candle is a small spread (49pips) bull closing off the high on below-average vol<5days. The close and volume suggests no buying pressure. The Asian range is 1.3556 – 1.3581 with a TR 1.3537 – 1.3581 basically almost the same TR as yesterday. This means that prices are either being distributed or being accumulated for the next move. Notable levels (unchanged):  1.3537, 1.3520 confluence with 1.3517 (23.6%Fib), 1.3597 (last Fri NY high) The game continues as it is likely that SM has got the herd sold on the “it’s going to tank anytime now”. so the SM will probably play the same game buy creating buying pressure to remove weak shorts whilst inducing trend traders long, reverse and drop again to fade weak longs and reverse back upwards (if you think this sounds familiar, it is as the same as yesterday). 
EU long levels:  1.3537, 1.3520, 1.3505 EU short levels:  1.3573, 1.3600, 1.3631, 1.3655, 1.3670, 1.3700, 1.3715


GU: The Daily candle is a near-normal spread (84pips) bull closing just off the high on below average vol<29days. The candle close and spread suggests more downside and the volume suggests SM mark-up/fading of weak shorts. Notable levels are unchanged: confluence[H1 ema200 @ 1.6114 M15 ema @ 1.6107 61.8% Fib 1.6110], 38.2%Fib @ 1.6070, 23.6%Fib @1.5917 confluence with trend channel support. Gap close level @ 1.5872 Weekly ema200@ 1.5946 Note that price opened the week with a +17pips gap up that has not been closed yet. The Asian range is 1.6064 – 1.6098 The TR is unchanged  1.6004 - 1.6076 with price testing the top earlier. SM is likely to create buying pressure to fade weak shorts before reversing back down. 
GU long levels:  1.6050, 1.6000, 1.5978, 1.5954, 1.5931, 1.5848, 1.5824 GU short levels: 1.6120, 1.6155, 1.6180, 1.6197, 1.6226, 1.6240, 1.6259, 1.6320, 1.6353, 1.6380