DAILY REVIEW 26 June 2014
EU: The Daily candle is a small spread (50pips) bull closing nearly 1/2 off the high on low vol<21days. The candle close and volume suggests no buying pressure. Unchanged Levels of interest: Demand: short-term 1.3512, 1.3500, 1.3475, Daily/Weekly: 1.3330, 1.3300, 1.3294 Supply: short-term: 1.3668, 1.3687, 1.3730 Weekly/Daily: 1.4184, 1.4246 pivot. Prices spiked to the 1.3650 level on the poor US data yesterday before retracing. SM is likely to create selling pressure to remove weak longs to the 1.3615 level before reversing to test the 1.3668 level or higher before reversing down.

EU long levels: 1.3615, 1.3600, 1.3563, 1.3575, 1.3535, 1.3500, 1.3476, 1.3399, 1.3294  EU short levels: 1.3668, 1.3687, 1.3730, 1.3750

GU: The Daily candle is a small spread (51pips) bear "near-doji" closing 2/3 off the low on low vol<11days. The candle close and volume suggests more downside before reversing back up. Levels of interest: Weekly/Daily supply level: 1.7063, 1.800 Demand:  short-term- 1.6972, 1.6920, 1.6850, 1.6835  Even with the poor US data yesterday, prices only tested the 1.7000 key level and reversed. SM is likely to continue selling pressure to retest the 1.6970 level or lower before reversing back upward to retest the 1.7000 key level.

GU long levels: 1.6970, 1.6952, 1.6930, 1.6920, 1.6850, 1.6835, 1.6825, 1.6810 GU short levels: 1.7063, 1.8000

Posted at 01.56 am EST