DAILY REVIEW 15 Apr 2014
EU: The Daily candle is a small spread (54pips) bear spinning top closing off the low on low vol>1day. The candle close and volume suggests that downside can be expected. Levels of interest: Demand: short term: 1.3800, 1.3785 (Fib38.2% confluence) , 1.3767 – 1.3760 (Fib 50% confluence) Supply:  short-term: 1.3966 The Asian range is 1.3812 – 1.3820 currently. SM is likely to induce shorts yesterday’s low or lower before reversing to around Friday’s gap inducing more shorts and continuing the fade to around the 1.3900 key level or higher.
EU long levels:  1.3835, 1.3812, 1.3785, 1.3765 EU short levels: 1.3900, 1.400, 1.4050

GU: The Daily candle is a small spread (47pips) bull “near spinning top” closing off the high on low vol<4days. The candle close suggests and volume 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- 1.6697, 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 1.6711 – 1.6730 currently. Yesterday I wrote, “SM may is likely to maintain selling pressure to 1.6715 inducing shorts, then reverse to fade them to 1.6750….” (Yesterday’s range was from 1.6695 – 1.6743) As SM has fulfilled the anticipated first phase, SM is likely to create buying pressure to induce longs at Asia high before reversing down to push lower for the Reaccumulation phase to commence, possibly around the 1.6672 level or lower before reversing upwards. 
GU long levels:  1.6697, 1.6673, 1.6627, 1.6600, 1.6585 GU short levels:  1.6799, 1.6823, 1.6835, 1.6860, 1.7000, 1.7030

Posted at 1.22 am EST