DAILY REVIEW 12 June 2014
EU: The Daily candle is a small spread (35pips) bear spinning top 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. SM is likely test the current 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 (72pips) bull wide-body spinning top on low vol<1day. The candle close and volume suggests more upside. 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 As expected, SM used the news yesterday to push prices back up. Prices have already pushed up during Asia and SM is likely to test the 1.6880 or higher.
GU long levels: 1.6790, 1.6730, 1.6700, 1.6692, 1.6670, 1.6654 GU short levels: 1.6875, 1.6905, 1.6918, 1.6995, 1.7030, 1.7042

Posted at 03.55 am EST