DAILY REVIEW 26 Feb 2014
EU: The Daily candle is a small spread (51pips) bull spinning top closing on low vol>2day. The candle close and the volume suggests selling but real estate belongs to SM and smells of a bear trap. Unchanged Levels of interest: Demand: short term-  1.3692 – 1.3715,  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 1.3728 – 1.3744. SM has triggered breakout traders above Asia high and also below Asia low. SM is likely to test short term demand at 1.3724 and reverse northward.   A close below 1.3672 would likely mean more downside.
EU long levels:  1.3724, 1.3700, 1.3685, 1.3590, 1.3585, 1.3559 EU short levels: 1.3800 – 1.3817

GU: The Daily candle is a near-normal spread (84pips) bull closing about ½ off the high on low vol>1day. The candle close and volume suggests selling and but it smacks of a typical SM bear trap being setup.  Continued unchanged Levels of interest: Weekly/Daily supply level 1.6835 – 1.6845, 1.6860 – 1.6875, 1.6991 – 1.7015, 1.7025 – 1.7045 short-term supply: 1.6700 – 1.6724 Demand:  short-term- 1.6645, previous Asia low 1.6638, 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 1.6668 – 1.666689. SM likely to test the short term demand at 1.6650 – 1.6643 before reversing northwards. Orders look stacked and ready to go up.
GU long levels:  1.6645, 1.6638, 1.6575, 1.6514, 1.6400, 1.6354, 1.6440, 1.6300 GU short levels:  1.6722 1.6823, 1.6835, 1.6860, 1.7000, 1.7030

Posted at 6.04 am EST