DAILY REVIEW 07 May 2014
EU: The Daily candle is a below average spread (79pips) bull closing off the high on low vol>2days. The candle and volume suggests more upside. Levels of interest: Demand: short term: 1.3911 (Fib23.6% confluence), 1.3895 (Fib38.2% confluence), 1.3860 (Fib61.8% confluence), 1.3832, 1.3800 Supply: short-term: 1.3950, 1.3966, 1.4000 key level Weekly/Daily: 1.4184, 1.4246 pivot. SM is likely to test the 1.3935 level before reversing to Asia low or lower to the 1.3905 level to remove weak longs before reversing to test the 1.3966 pivot.  
EU long levels: 1.3843, 1.3832, 1.3815, 1.3800, 1.3785, 1.3690 EU short levels:  1.3888, 1.3905, 1.3966, 1.400, 1.4050

GU: The Daily candle is a large spread (130pips) bull closing just off the high on high vol>3days. The candle and volume suggests more upside. Levels of interest: short-term 1.6995 Weekly/Daily supply level: 1.6991 – 1.7015, 1.7025 – 1.7045 Demand:  short-term- 1.6859 (Fib 38.2% confluence), 1.6842 (Fib 50% confluence), 1.6825 (Fib 61.8%), 1.6810, 1.6800 SM is likely to test the 1.6985 or the 1.6995 before reversing to test the 1.6918 breakout level.  A close above the 1.7000 key level will likely see a test of the 1.7042 pivot. 
GU long levels:  1.6859, 1.6842, 1.6825, 1.6810, 1.6800 GU short levels: 1.6919, 1.7000, 1.7030, 1.7042

Posted at 00.23 am EST