DAILY REVIEW 9 Apr 2014
EU: The Daily candle is a below average spread (74pips) bull closing off the high on low vol>1day. The candle close suggests more upside. Levels of interest: Demand: short term: 1.3720, 1.3692, 1.3672 (Friday’s low), 1.3654 - 1.3642 (confluence Fib 61.8%), 1.3600 – 1.3590 (key level),  1.3573 – 1.3561  Supply:  short-term: 1.3810, 1.3826, 1.3966 The Asian range is 1.3779 – 1.3796. SM marked up to push to the 1.3811 level yesterday as expected. With the FOMC meeting minutes followed by all the speeches due later, SM is likely to induce buying at yesterday’s high before fading the weak longs back down to 1.3730 or lower to Friday’s Asia low (1.3695) before resuming back northward.  
EU long levels:  1.3692, 1.3672, 1.3650 EU short levels: 1.3765, 1.3794, 1.3812, 1.3825, 1.3850, 1.400, 1.4050

GU: The Daily candle is a large spread (151pips) bull closing near the high on low vol>1day. The candle close suggests more upside and the volume suggests a SM markup. Levels of interest: Short-term supply- 1.6752 Weekly/Daily supply level 1.6835 – 1.6845, 1.6860 – 1.6875, 1.6991 – 1.7015, 1.7025 – 1.7045 Demand:  short-term- 1.6680, 1.664o, 1.6596, 1.6548 (Friday low), 1.6533 (confluence Daily Fib50%), 1.6525 – 1.6515, 1.6500 – 1.6490 The Asian range is 1.6758 – 1.6752. SM is likely to fading the weak longs to 1.6680  or lower pre-FOMC before continuing the downward move to around the 1.6623 or lower and reverse back for the northbound move.  
GU long levels:  1.6587, 1.6548, 1.6534, 1.6525, 1.6495 GU short levels:  1.6660, 1.6680, 1.6700, 1.6823, 1.6835, 1.6860, 1.7000, 1.7030

Posted at 6.29 am EST