DAILY REVIEW 28 Nov 2013
EU: The Daily candle is a small spread (55pips) bull upthrust pin closing on low vol>3days. The candle close and volume suggests more downside. Levels of interest:  Daily Fib 61.8% @ 1.3622 Previous breakout level 1.3660 Daily Fib 78.6% @ 1.3715 confluence with H4 breakout level 1.3735, Daily Fib88.6% @ 1.3770 confluence with H4 supply level 1.3771 – 1.3790 The Asian range is 1.3563 – 1.3585 currently. Nothing has really changed except that SM look like they are not yet ready to push up strongly. As for the the daily upthrust candle, the position of the candle is in no-man’s land. This is likely a bear trap by SM to snare traders short on retest of the high up to yesterday’s high or even around the Fib 23.8% level and then reverse to around the 1.3557 level before reversing back upwards. With barely 10 pips between the two levels, SM can snare both long breakout traders, support/resistance traders as well as the Fib traders. 
EU long levels:  1.3557, 1.3542, 1.3530 EU short levels:  1.3612, 1.3625, 1.3700, 1.3723, 1.3780 


GU: The Daily candle is a large spread (130pips) bull closing 1/3 off the high on low vol>3days. The candle close suggests selling and the volume suggests more upside. Price is close to yesterday’s high and the Asian range is 1.6276 – 1.6326 SM is likely to maintain buying pressure to test or spike the current day high to induce shorts then reverse downward to fade weak longs before reversing upwards.
GU long levels:  1.6276, 1.6240, 1.6209 GU short levels: 1.6329 (short term only), 1.6353, 1.6380, 1.6418, 1.6452, 1.6527