DAILY REVIEW 29 Apr 2014
EU: The Daily candle is a small spread (64pips) bull small-body spinning top closing on average vol>1day. The candle and volume suggests more downside after first pushing long. Levels of interest: Demand: short term: 1.3838, 1.3785 (Fib38.2% confluence) , 1.3767 – 1.3760 (Fib 50% confluence) SM moved prices yesterday up to 1.3878 falling just short of the gap close at 1.3884 Prices retraced back to 1.3838 during the US session. SM is likely to create buying pressure to test yesterday’s high or higher to the 1.3900 key level before reversing. A break and close above 1.3905 will likely see a test of the 1.3966 pivot high.
EU long levels: 1.3838, 1.3785, 1.3690 EU short levels:  1.3900, 1.3966, 1.400, 1.4050

GU: The Daily candle is a small spread (40pips) bear pseudo “upthrust” closing on low vol<3days. The candle close and volume suggests more upside followed by downside. Levels of interest: Weekly/Daily supply level 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 Sm pushed prices to 1.6856 yesterday before reversing back to reaccumulate at the 1.6800 key level. SM is likely to create buying pressure to stop out shorts from the 1.6805 upthrust close level at yesterday’s high or higher and 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 3.13 am EST