DAILY REVIEW 17 June 2014
EU: The Daily candle is a below average spread (66pips) bull closing near the high on low vol>1day. The candle close and volume suggests the possible commencement of buying. 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 reloaded at 1.3520 yesterday and is likely to continue to fade weak shorts to around the 1.3605 level before reversing to test the low at 1.3500

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 small spread (51pips) bull pseudo upthrust closing on low vol<2days. The candle close and volume suggests a possible retracement before pushing further up. Levels of interest: Weekly/Daily supply level: 1.6991 – 1.7015, 1.7025 – 1.7045 Demand:  short-term- 1.6920, 1.6850, 1.6835  Prices missed the 1.6995 pivot last week by 5 pips and opened gapped up about 10pips. With important UK news coming up today, SM is likely to position price against the direction of the intended move. SM is likely to continue to fade weak longs to around 1.6940 or the previous breakout level 1.6920 before reversing back up.
GU long levels: 1.6940, 1.6920, 1.6850, 1.6835, 1.6825, 1.6810 GU short levels: 1.7010, 1.7030, 1.7042

Posted at 12.10 am EST