DAILY REVIEW 11 Apr 2014
EU: The Daily candle is a below-average spread (63pips) bull closing off the high on low vol<1day with daily volume divergence. The candle close suggests more upside and the volume the reduced buying interest. Levels of interest: Demand: short term: 1.3822, 1.3800, 1.3785 (Fib38.2% confluence) , 1.3767 – 1.3760 (Fib 50% confluence) Supply:  short-term: 1.3966 The Asian range is 1.3838 – 1.3870 currently. Based on the price position and likely order flow, SM is likely to induce more longs at yesterday’s high or higher before reversing to fade the weak longs back down to around the 1.3812 or lower to the 1.3785 level before reversing to head back north.
EU long levels:  1.3812, 1.3785, 1.3765 EU short levels: 1.3875, 1.400, 1.4050

GU: The Daily candle is a below average spread (66pips) bear narrow body spinning top closing on low vol<2day with volume divergence. The candle close and volume divergence suggests more downside. Levels of interest: Short-term supply- short term – 1.6823 Weekly/Daily supply level 1.6835 – 1.6845, 1.6860 – 1.6875, 1.6991 – 1.7015, 1.7025 – 1.7045 Demand:  short-term- 1.6710, 1.6697, 1.6673 (Fib50% confluence), 1.6640 (Fib61.8% confluence), 1.6600, 1.6548 (Friday low), 1.6533 (confluence Daily Fib50%), 1.6525 – 1.6515, 1.6500 – 1.6490 The Asian range is 1.6771 – 1.6819 currently. Nothing has changed, SM may reverse from around yesterday’s low (1.6762) and reverse north to retest supply or maintain the selling pressure to around the 1.6722 level before resuming the move northward. 
GU long levels:  1.6762, 1.6722, 1.6697, 1.6673, 1.6640, 1.6600 GU short levels:  1.6823, 1.6835, 1.6860, 1.7000, 1.7030

Posted at 1.35 am EST