DAILY REVIEW 21 Nov 2013
EU: The Daily candle is a large spread (164pips) bear closing just off the low on high vol>7days. The candle close and volume suggests more downside. Levels of interest:  Current Swing Fib50% @ 1.3498 Fib38.2% @ 1.3476 confluence with M15 ema200 @ 1.3480. Price tanked suddenly on the ECB tape bomb at the mention of negative interest rates consideration and has continued to push just a bit lower so far with the Asian range is 1.3413 – 1.3441 currently.  SM is likely to maintain the selling pressure to induce more shorts possibly to 1.3400 key level (there will be stops there probably too tempting for SM to resist) before reversing upwards to remove weak longs and fade weak shorts to possibly around 1.3475 before reversing back down. 
EU long levels: 1.3413, 1.3400, 1.3362, 1.3344, 1.3300 U short levels:  1.3442, 1.3480, 1.3500


GU: The Daily candle is a normal spread (91pips) upthrust bear closing off the low on high vol>68days. The candle close and volume suggests more downside. The Asian range is 1.6071 – 1.6107 currently. Levels of interest:  M15 ema200 @ 1.6109 Fib50% @ 1.6123 Fib61.8% @ 1.6135 SM will be likely to create buying pressure to induce longs before reversing down. Yesterday’s down move after making the new high probably caught most traders by surprise so the likelihood is an inducing of new longs before trapping them while at the same time fading the late shorts.  This is probably the mid-week reversal.
GU long levels:  1.6072, 1.6045, 1.6020, 1.6000  GU short levels: 1.6109, 1.6123, 1.6135, 1.6147, 1.6180