DAILY REVIEW 5 Mar 2014
EU: The Daily candle is a small spread (60pips) bull “pseudo-upthrust” closing on high vol<1days. Technically, it is still an “inside-day” candle.  The candle close and volume suggests more downside but it is a likely bear trap. Unchanged 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 1.3720 – 1.3738 currently. SM is likely to retest the low at 1.3707 or lower before resuming it’s upward journey.”
EU long levels: 1.3707, 1.3685, 1.3668, 1.3590, 1.3585, 1.3559 EU short levels: 1.3892

GU: The Daily candle is a below average spread (76pips) bear  pseudo-upthrust near-doji closing on low vol<2days. The candle close and volume suggests 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- 1.6640 (confluence) 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 1.6655 – 1.6681. SM likely to fade the breakout traders out of Asia to short demand or lower before reversing upwards. Nothing really has changed.
GU long levels:  1.6639, 1.6628, 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 5.32 am EST