DAILY REVIEW 08 May 2014
EU: The Daily candle is a small spread (28pips) bull closing at the low on high vol<1day. The candle and volume suggests more downside. 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 1.3937 level or the 1.3952 pivot before reversing to Asia low 1.3905 level to remove weak longs before reversing to test the 1.3966 pivot.  
EU long levels: 1.3900, 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 small spread (34pips) bear closing at the low on average vol<1day. The candle and volume suggests more downside. 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 previous pivot 1.6995 before reversing.  A close above the 1.7000 key level will likely see a test of the 1.7042 pivot. 
GU long levels: 1.6942, 1.6929, 1.6918, 1.6980, 1.6859, 1.6842, 1.6825, 1.6810, 1.6800 GU short levels: 1.6919, 1.7000, 1.7030, 1.7042

Posted at 04.44 am EST