DAILY REVIEW 13 Nov 2013
EU: The Daily candle is a normal spread (97pips) bull closing off the high on vol>1day. The candle close suggests some selling/supply coming in but the volume suggests increased 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, daily Fib50% (retracement from current swing low) @ 1.3559 and last Friday’s low 1.3317 Price managed to break the 1.3441 level but failed to close above it. The Asian range is 1.3429 – 1.3450 Broker platforms show that there are increased short positions. The short orders still sitting above make it tempting for SM to push up as “retracement”. SM is likely to create buying pressure to fade weak shorts by spiking yesterday’s high or maybe around 1.3476 (confluence with H1 ema200) then reverse and induce more shorts with selling pressure before reversing upwards at Asia low or lower. 
EU long levels: 1.3421, 1.3400, 1.3365 EU short levels:  1.3455, 1.3476, 1.3500, 1.3510, 1.3559


GU: The Daily candle is a large spread (159pips) bear closing ¼ off the low on average vol>1day. The close and volume suggests volume suggest buying activity price is likely to retest yesterday’s low which is the gap close level. A failure to close below may see price reverse upwards. Levels of interest: Fib38.2% @ 1.5708 (daily confluence with ema200 @ 1.5713) The Asian range is 1.5884 – 1.5906 SM used yesterday’s UK news to push price down to close the gap after which SM faded weak shorts by reversing upwards for 92pips before continuing the downward move. SM is already likely to have stocked up enough orders for the ride down to test yesterday’s low and possibly lower. SM is likely to create buying pressure to fade more weak shorts to around 1.5925 – 1.5950 before reversing back downwards. 
GU long levels:  1.5850, 1.5780, 1.5708, 1.5680  GU short levels: 1.5925, 1.5950, 1.6000, 1.6020, 1.6055