DAILY REVIEW 18 Nov 2013
EU: Weekly- the candle is a small spread (161pips) bull closing at high on average vol <1day. The candle close and volume suggest more upside. The Daily candle is a below average spread (74pips) bull closing just off the high on vol<3days. The candle close suggests suggests more upside although the volume does not indicate any buying interest. Levels of interest: congestion breakout level 1.3461 – 1.3550 Previous breakout level 1.3650 Previous Week High 1.3546. H4 ema200 @1.3525 and H4 supply level 1.3510 – 1.3562 The Asian range is 1.3474 – 1.3498 currently. Broker’s platforms once again show net an increase of short positions. In the absence of major news today, SM is likely to induce buying pressure and spike the 1.3500 key level to take stops and reverse back to fade weak longs before pushing up to test the 1.3524 and higher supply levels.  
EU long levels: 1.3455, 1.3433, 1.3407, 1.3390 EU short levels:  1.3500, 1.3530, 1.3559, 1.3600


GU: Weekly- the candle is a normal spread (280pips) bull closing off the high on vol>5days. The candle close and volume suggests more upside. The Daily candle is a normal spread (86pips) bull closing off the high on low vol<3days. The candle close and volume suggests no demand. The Asian range is 1.6102 – 1.6126 Broker platforms also show an increase in short positions and this would suggest that the food chain for SM continues to be northbound. Price is in no-man’s land at the moment. SM may induce buying pressure to 1.6133 or higher before reversing to fade weak longs and reversing back up again.  
GU long levels:  1.6088, 1.6055  GU short levels: 1.6133, 1.6155, 1.6180, 1.6200, 1.6210