DAILY REVIEW 11 Mar 2014
EU: The Daily candle is a small spread (36pips) bull near-spinning top closing on high vol<14days. The candle close and volume suggests no demand. Levels of interest: Demand: short term-  1.3795 – 1.3805, 1.3770, 1.3750 – 1.3740, 1.3725 The Asian range is 1.3846 – 1.3878. Yesterday I wrote ”This process may take a day or more so it is worth waiting for the train to arrive.”, SM will clear all the weak longs and stall and reverse for the move back up, probably today or tomorrow.
EU long levels: 1.3800, 1.3770, 1.3750, 1.3725 EU short levels: 1.3800, 1.3815

GU: The Daily candle is a large spread (120pips) bear closing off the low on low vol<14days. The candle close and volume suggests no selling pressure and hence a bear trap.  Unchanged 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-  1.6600- 1.6685, 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 1.6628 – 1.6652. Similarly I wrote yesterday that “This process may also take a day or more.” SM is likely to reverse at the 1.6600 key level or lower at the next level.
GU long levels:  1.6590, 1. 1.6555, 1.6533 GU short levels:   1.6823, 1.6835, 1.6860, 1.7000, 1.7030

Posted at 7.26 am EST