EU: The Daily candle is a very small spread (26pips) bull “pseudo upthrust” closing on low vol<4days. The candle and volume suggests a bear trap. Levels of interest: Demand: short-term- 1.3735 (Fib50% confluence), Daily 1.3696 – 1.3671 (Fib61.8% confluence), 1.3572 (Fib78.6% confluence) Supply: short-term: 1.3800, 1.3834 -1.3850, 1.3975, 1.4000 key level Weekly/Daily: 1.4184, 1.4246 pivot. There has been no change since and SM are likely to create selling pressure to yesterday’s or Friday’s lows to induce shorts before reversing to fade them and continue upwards to remove weak shorts to the 1.3800 key level or higher before reversing.  
EU long levels: 1.3744, 1.3690, 1.3672, 1.3660, 1.3641, 1.3574, 1.3560 EU short levels:  1.3800, 1.3833, 1.3975, 1.400

GU: The Daily candle is a smal spread (60pips) bull “pseudo upthrust” closing on low vol<4days. The candle and volume suggests more downside followed by upside. Levels of interest: Supply:  short-term 1.6905, 1.6918, 1.6995 Weekly/Daily supply level: 1.6991 – 1.7015, 1.7025 – 1.7045 Demand:  short-term- 1.6830, 1.6810, 1.6800,1.6775, 1.6760, 1.6670, 1.6654  SM stopped just short of the 1.6905 level yesterday at 1.6902 before reversing. SM is likely to induce shorts at yesterday’s low or lower at around 1.6818 before reversing to fade weak shorts back to around the 1.6902 or even to around the 1.6918 level before reversing.  
GU long levels:  1.6830, 1.6810, 1.6800,1.6775, 1.6760, 1.6670, 1.6654 GU short levels: 1.6905, 1.6918, 1.6995, 1.7030, 1.7042

Posted at 02.40 am EST