DAILY REVIEW 11 June 2014
EU: The Daily candle is a below average spread (68pips) bear closing off the low on low vol>1day. The candle close and volume suggests more downside. Levels of interest: Demand: short-term 1.3500, 1.3475, Daily/Weekly: 1.3330, 1.3300, 1.3294 Supply: short-term: 1.3676, 1.3687, 1.3730 Weekly/Daily: 1.4184, 1.4246 pivot. Prices have made a lower low since yesterday as prices have kept the downward move on relatively low volume. SM is likely test Asia low (1.3521) or the 1.3500 key level before reversing back to the 1.3585 breakout level.

EU long levels: 1.3520, 1.3500, 1.3476, 1.3399, 1.3294  EU short levels: 1.3585, 1.3600, 1.3676, 1.3687, 1.3730, 1.3750

GU: The Daily candle is a below average spread (74pips) bear closing off the low on low vol>1day. The candle close and volume suggests commencement of buying. Levels of interest: Supply: 1.6918, 1.6995 Weekly/Daily supply level: 1.6991 – 1.7015, 1.7025 – 1.7045 Demand:  short-term- 1.6760, 1.6720 (confluence Fib78.6%), 1.6690 (confluence Fib88.6%), 1.6670, 1.6654 Prices have pushed lower without any significant volume despite good UK news yesterday. With UK news again due later today, SM may be positioning prices prior to the news. SM is likely to test the 1.6730 or 1.6700 key level before reversing back up.
GU long levels: 1.6730, 1.6700, 1.6692, 1.6670, 1.6654 GU short levels: 1.6780, 1.6875, 1.6905, 1.6918, 1.6995, 1.7030, 1.7042

Posted at 02.35 am EST