DAILY REVIEW 18 Feb 2014
EU: The Daily candle is a small spread (32pips) bear “near-doji” on very low vol<35days with daily volume divergence. The candle close and pattern of “evening star suggests more downside but the volume suggests a bear trap in place. Levels of interest (unchanged): Demand: short term- 1.3672 (Friday Asia low), 1.3600 – 1.3605 (Friday Asia breakout), 1.3590 – 1.3584 (daily trend-line 1.3580), 1.3563 – 1.3550 Supply: 1.3787 – 1.3818. The Asian range is 1.3694 – 1.3716. Yesterday, I wrote “the daily pin bar looks like more and more of a bear trap”. SM is likely to breakout long and continue the northward journey. 
EU long levels:  1.3672, 1.3590, 1.3585, 1.3559 EU short levels: 1.3678, 1.3695, 1.3800

GU: The Daily candle is a large spread (126pips) bear upthrust closing off the low on low vol<4days with volume divergence. The candle close and volume suggests more downside but hints there may be a commencement of re-accumulation. Levels of interest: Short-term. Levels of interest: Weekly/Daily supply level 1.6835 – 1.6845, 1.6860 – 1.6875, 1.6991 – 1.7015, 1.7025 – 1.7045 Demand:  short-term 1.6643 – 1.6221, 1.6573 – 1.6555, 1.6514 – 1.6533, 1.6401 – 1.6490, 1.6354, 1.6330 – 1.6320, 1.6300 key level. The Asian range is 1.6709 – 1.6740. It is clear that there is no fresh supply from novices for SM to head north yet and price held in a tight range during Asia. Price has broken out downwards as expected. SM is likely to push low as there are not many weak buyers in the market at current levels with the 1.6570 or even lower at the 1.6500 levels the likely destination for a possible re-accumulation.
GU long levels:  1.6514, 1.6400, 1.6354, 1.6440, 1.6300 GU short levels:  1.6823, 1.6835, 1.6860, 1.7000, 1.7030

Posted at 3.53 am EST