DAILY REVIEW 24 Apr 2014
EU: The Daily candle is a small spread (54pips) bull closing 2/3 off the high on average 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 1.3811 – 1.3825. SM whipped prices up and back down yesterday using a mixture of Euro news. They have literally swept the entire lower range from 1.3785 to 1.3862. The "inside week" that was created by he gap down still exists and whether or not it is accumulation or distribution will depend now on what they at these 2 pivots 1.3785 and 1.3862 with the likelihood of distribution the more likely. SM is likely to test yesterday's high 1.3855 or the 1.3862 pivot again before reversing back down to break below 1.3785. 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: 1.3855, 1.3862, 1.3900, 1.400, 1.4050

GU: The Daily candle is a below average spread (73pips) bear closing off the low on average vol>4days. The candle close and volume suggests more downside. 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 1.6772 – 1.6789 currently. SM look like they have commenced the markdown arising from the weekly volume divergence. SM is likely to test the 1.6800 level or the breakout level 1.6818 before reversing back down. However, a break and close below 1.6772 will likely result in more downside for a significant move down. Below is a chart I posted yesterday when asked by someone what my thoughts were about GU.
GU long levels:  1.6760, 1.6740, 1.6720 GU short levels: 1.6805, 1.6820, 1.6841, 1.6860, 1.6875, 1.7000, 1.7030

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Posted at 2.36 am EST