DAILY REVIEW 12 Nov 2013
EU: The Daily candle is a below-average spread (71pips) bull closing off the high on vol<9days. The candle close suggests buying but the volume suggests no real buying interest. Levels of interest: Last Monday’s low @ 1.3441 daily 50%Fib @ 1.3467 (also last Wed Asia low) key level 1.3500 78.6%Fib @ 1.3259 Friday low 1.3317 and Weekly low 1.3294 Nothing has really changed since yesterday. Price opened with a small gap down and the Asian range is 1.3381 – 1.3413 Yesterday’s price action suggests that price is likely to push to the upside. SM is likely to create selling pressure to fade weak longs to 1.3365 or lower before reversing upwards.
EU long levels: 1.3365, 1.3344, 1.3317, 1.3294, 1.3260 EU short levels:  1.3448, 1.3467, 1.3500, 1.3510


GU: The Daily candle is a small spread (56pips) bear spinning top closing on low vol<4days. The close and volume suggest buying activity but with price not at any significant level, and with the background of the weekly candle, we can expect price to test the lows again. Levels of interest: Fib23.6% @ 1.5918 daily ema200 @ 1.5898 confluence with key level 1.5900 The Asian range is 1.5950 – 1.5991 SM is likely to create selling pressure to fade the weak longs before reversing back upwards. We have a slew of UK news coming up so it will be best to let SM show their hand before taking any positions.
GU long levels:  1.5950, 1.5918, 1.5900  GU short levels: 1.6000, 1.6055, 1.6082, 1.6105