DAILY REVIEW 28 Apr 2014
EU: Weekly- the candle is a small spread (69pips) bull spinning top closing on low vol<17weeks. The candle close and volume suggests more downside. The Daily candle is a small spread (21pips) pseudo upthrust doji  closing on low vol<3days. The candle and volume suggests a bear trap. Levels of interest: Demand: short term: 1.3785 (Fib38.2% confluence) , 1.3767 – 1.3760 (Fib 50% confluence) Supply:  short-term: 1.3966 Price opened with an 11pips gap up and has since closed decisively below Friday’s low. SM has pushed prices to 1.3879 currently and are likely to close the gap  at 1.3885, reverse to around the 1.3850 level and move to retest the 1.3905 pivot. A break and close above 1.3905 will likely see a test of the 1.3966 pivot high.
EU long levels:  1.3850, 1.3785, 1.3690 EU short levels:  1.3900, 1.3966, 1.400, 1.4050

GU: Weekly- the candle is a small spread (77pips) doji closing on low vol<16weeks. The candle close and volume suggests a bear trap. The Daily candle is a small spread (40pips) bear pseudo “upthrust” closing on low vol<3days. The candle close and volume suggests more downside followed by upside. 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 At time of writing, SM has moved price to the weekly/daily supply at 1.6853 level. SM is likely to maintain buying pressure to test the 1.6875 pivot before reversing back down for the reversal. 
GU long levels:  1.6800, 1.6740, 1.6720 GU short levels: 1.6860, 1.6875, 1.7000, 1.7030

Posted at 6.15 am EST