DAILY REVIEW 17 Dec 2013
EU: The Daily candle is a below-average spread (70pips) bull closing ½ off the high on low vol<3days. The candle close suggests selling and the volume suggests no demand. Levels of interest: Daily/Weekly swing high 1.3831 Test of Daily breakout level 1.3868 25Oct2013 The Asian range is 1.3751 – 1.3771 currently. The current daily candle close at what appears to be strong resistance is a likely bear trap prior to the positioning pre-FOMC where it is likely that SM will take prices. SM is likely to create buying pressure to continue fading the new shorts past the 1.3800 key level and then reverse back down before reversing back upwards.
EU long levels: 1.3727, 1.3713, 1.3695, 1.3650, 1.3620, 1.3600 EU short levels:  1.3775, 1.3800, 1.3830, 1.3870, 1.3895

GU: The Daily candle is a below-average spread (63pips) bull upthrust on low vol<24days. The candle close suggests that there is selling and the volume suggests no selling interest. Levels of interest: Daily 23.8%Fib @ 1.6318 Daily 38.2%Fib @ 1.6231 Daily 50%Fib @ 1.6156 H4/daily supply levels: 1.6524 – 1.6533, 1.6555 – 1.6571, 1.6600 – 1.6620, breakout level 1.6480 The Asian range is 1.6288 – 1.6318 currently and prices are still within yesterday’s range. With UK news expected later, we can expect SM to more or less move/position prices in the opposition direction prior to the news.  SM is likely to create buying pressure to around 1.6354 before reversing to retest last Friday’s low.
GU long levels:  1.6261, 1.6225, 1.6196, 1.6150, 1.6132 GU short levels: 1.6354, 1.6420, 1.6480, 1.6500, 1.6533, 1.6580, 1.6600, 1.6620, 1.6660, 1.6735, 1.6750