DAILY REVIEW 3 Mar 2014
EU: Monthly- the candle is a below average spread (348 pips) bull closing just off the high on very low vol <33months. The candle close and volume suggest more upside. Weekly- the candle is an average spread (181pips) bull pseudo-hammer closing just off the high on low vol>1week. The candle close and volume suggest some downside before pushing back up.
The Daily candle is a large spread (130pips) bull closing off the high on very high vol>4days. The candle close and volume suggests more upside. Levels of interest: Demand: short term-  1.3684 – 1.3676, 1.3668 – 1.3654,  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 1.3770 – 1.3791. SM has broken out last Friday and gapped down as expected to remove weak longs. SM will likely maintain selling pressure and remove weak longs to the 1.3725 level or a bit lower before resuming it’s northward  journey.
EU long levels: 1.3725, 1.3710, 1.3685, 1.3668, 1.3590, 1.3585, 1.3559 EU short levels: 1.3892

GU: Monthly-  the candle is an average spread (571pips) bull closing near the high on low vol<4months. The candle close suggests more upside and the volume suggests no buying pressure. Weekly- the candle is a below average spread (185pips) bull candle closing just off the high on average vol>2weeks. The candle close and volume suggests more upside. The Daily candle is a normal spread (92pips) bull closing off the high on very high vol>11days. The candle close and volume suggests more supside.  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- 1.6655, 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 1.6708 – 1.6749. SM gapped down to remove weak longs as expected and are likely to continue fading them to around the short term demand at 1.6686 – 1.6700 before reversing northwards. The orders look stacked and ready to go up.
GU long levels:  1.6700, 1.6686, 1.6655, 1.6645, 1.6638, 1.6575, 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 8.41 am EST