DAILY REVIEW 4 Feb 2014
EU: The Daily candle is a small spread (58pips) bull off the high on very high vol<3days with continued bullish divergence. The candle close suggests more upside but the volume although high is a “no demand or no buying pressure” type volume and suggests a likely upward test. Unchanged Levels of interest: Daily Demand: 1.3405 – 1.3398, 1.3355 – 1.3344, 1.3318 – 1.3294 Short term supply: 1.3606 – 1.3623, 1.3655 – 1.3665. The Asian range is 1.3503 – 1.3538. Technically EU is still in an uptrend on the weekly and monthly chart and price is likely to test the daily ema200 @ 1.3424 which has confluence with the daily demand level just below at around 1.3405. SM looks is likely to fade weak shorts upto the Fib 50% @ 1.3595 (confluence with key level 1.3600 and short terms supply levels) before reversing down again to test the current lows at around 1.3480 or lower.
EU long levels:  1.3480, 1.3405, 1.3355, 1.3318 EU short levels: 1.3606, 1.3655

GU: The Daily candle is a large spread (150pips) bear closing just off the low on average vol<4days. The candle close and volume suggests more downside. 
Levels of interest: Short-term supply level 1.6487 – 1.6500 (confluence:  Fib 50% @ 1.6487), 1.6550 – 1.6560, 1.6615 – 1.6630, 1.6650 – 1.6667 Daily Demand:  1.6255 (current low), 1.6225 – 1.6215
The Asian range is 1.6255 – 1.6314. GU is still in a technical uptrend testing the daily trend line. Price has exceeded 3xADR and the possibility of reversal exists. SM is likely to fade weak shorts up to short term supply around 1.6487 before reversing back down to test the current lows or the next daily demand level.
GU long levels: 1.6255, 1.6220 GU short levels:  1.6487, 1.6550, 1.6625, 1.6650, 1.6667