DAILY REVIEW 17 Apr 2014
EU: The Daily candle is a small spread (47pips) bull “upthrust” near-doji closing on low vol<3days. The candle and volume suggests more upside. Levels of interest: Demand: short term: 1.3785 (Fib38.2% confluence) , 1.3767 – 1.3760 (Fib 50% confluence) Supply:  short-term: 1.3966 The Asian range is 1.3805 – 1.3830 currently. Price is now firmly lodged between 2 halves, above the gap at 1.3862 – 1.3905 and a Lower TR below the gap from 1.3862 – 1.3789 SM is likely to fade the weak shorts and induce breakout traders long at yesterday’s high 1.3850  or 1.3862 (Mon high) before reversing back down to test yesterday’s low or lower. A break and move to Friday’s gap close will likely see a test of the 1.3900 key level.
EU long levels:  1.3785, 1.3765 EU short levels: 1.3850, 1.3862, 1.3900, 1.400, 1.4050

GU: The Daily candle is a normal spread (97pips) bull closing off the high on low vol>2days. The candle close suggests and volume suggests more upside. Levels of interest: Short-term supply– 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 1.6719 – 1.6733 currently. At time of writing, SM has moved price to the daily supply at 1.6835 level. SM is likely to create selling pressure to fade the weak longs to around 1.6800 key level before reversing back upwards to retest the supply at day high. 
GU long levels:  1.6800, 1.6740, 1.6720 GU short levels:  1.6835, 1.6860, 1.7000, 1.7030

Posted at 1.05 am EST