DAILY REVIEW 6 Feb 2014
EU: The Daily candle is a small spread (58pips) bull spinning top closing on low vol>1day. The candle close and volume suggests a possible slowing selling. 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 1.3514 – 1.3539. SM is likely to fade weak longs 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, if prices tests the current lows, it will likely push to the daily demand and ema200 level.
EU long levels:  1.3480, 1.3405, 1.3355, 1.3318 EU short levels: 1.3606, 1.3655

GU: The Daily candle is a near normal spread (8ppips) bear reverse upthrust closing on low vol<5days. The candle close and volume is technically a “supply” or no selling pressure and suggests more upside. Again, unchanged 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 1.6293 – 1.6328. SM is likely to fade weak longs up and perhaps trigger shorts at yesterday’s low or lower to daily demand before reversing back upwards.
GU long levels:  1.6251, 1.6220 GU short levels:  1.6360, 1.6487, 1.6550, 1.6625, 1.6650, 1.6667