DAILY REVIEW 19 Nov 2013
EU: The Daily candle is a below average spread (67pips) bull small-body spinning top closing on below average vol>1day. The candle close suggests more downside but this looks to be more of a retracement. Levels of interest: Previous breakout level 1.3650 Previous Week High 1.3546. H4 supply level 1.3510 – 1.3562 The Asian range is 1.3498 – 1.3522 currently. Price is still sitting in the congestion breakout level 1.3461 – 1.3550 After a snail-like rise in prices since 11 Nov 2013, the H1 and H4 bearish volume divergences finally kicked in and prices fell somewhat but the move does not look anything like a full blown reversal. A H1/H4 close below 1.3469 will likely see lower prices. SM is likely to maintain the selling pressure to test the 1.3500 level or a bit lower before reversing upwards.
EU long levels: 1.3497, 1.3474, 1.3455, 1.3433, 1.3407, 1.3390 EU short levels:  1.3500, 1.3530, 1.3559, 1.3600


GU: The Daily candle is a below average spread (67pips) bear spinning top closing on low vol<4days. The candle close and volume suggests no selling interest. The Asian range is 1.6097 – 1.6123 currently. Price action yesterday suggests that SM faded weak shorts and then reversed back to fade weak longs, effectively clearing the way to move up quickly when opportunity arises. Price continues to be in no-man’s land. A H1/H4 close below yesterday’s low will likely mean more downside before price reverses upwards. SM may continue the selling pressure to 1.6081 before reversing upwards.  
GU long levels:  1.6095, 1.6081, 1.6048, 1.6020  GU short levels: 1.6123, 1.6150, 1.6180, 1.6200, 1.6210