DAILY REVIEW 23 Apr 2014
EU: The Daily candle is a small spread (39pips) bull closing >1/2 off the high on low vol>2days. The candle close and volume suggests more downside. Levels of interest: Demand: short term: 1.3785, 1.3767 – 1.3760, 1.3735 – 1.3745  Supply:  short-term: 1.3966 The Asian range is 1.3799 – 1.3836. At the of writing, there has been a slew of Euro news and EU has rebounded after going to Asia low. SM is likely to test the 1.3862 pivot again. Any break and close above the 1.3862 level will likely see a retest of the pivot at 1.3905.
EU long levels:  1.3775, 1.3765, 1.3750 EU short levels: 1.3800, 1.3815, 1.3830, 1.3862, 1.3900, 1.400, 1.4050

GU: The Daily candle is a small spread (53pips) bull closing off the high on low vol>2days. The candle close and volume suggests more upside to test supply. 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- 1.6697, 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 1.6816 – 1.6835 At the time of writing, UK news had already been released and found to be be poor. SM is likely to test the 1.6785 level or lower and reverse upwards to clear supply at 1.6875. However, a break and close below 1.6772 will likely result in more downside for a significant move down.
GU long levels:  1.6772, 1.6760, 1.6740, 1.6720 GU short levels: 1.6835, 1.6860, 1.6875, 1.7000, 1.7030

Posted at 6.36 am EST