DAILY REVIEW 9 June 2014
EU: Weekly- the candle is a below average spread (174pips) bull reverse upthrust on low vol>8weeks. The candle close and volume suggests more upside. The Daily candle is a small spread (55pips) bear spinning top closing on low vol<1day. The candle close and volume suggests no selling pressure. Levels of interest: Demand: short-term 1.3585, 1.3562, 1.3535, 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. Last Friday, I wrote "...enabled SM to reposition orders at the high possibly to drop during NFP...to create buying pressure to around the 1.3670 level..." SM did push prices to 1.3676 before reversing. SM is likely  or higher to around the 1.3715 level before reversing back down.SM is likely to create buying pressure to retest Friday's high of 1.3676 or higher before reversing to retest the 1.3600 - 1.3590 level.

EU long levels: 1.3597, 1.3587, 1.3561, 1.3572 - 1.3561 (Fib 61.8% confluence), 1.3476, 1.3399, 1.3294  EU short levels: 1.3676, 1.3687, 1.3730, 1.3750

GU: Weekly- the candle is a below average spread (146pips) bull spinning top closing on low vol>1week. The candle close and volume suggests more upside. The Daily candle is a small spread (64pips) bear closing off the low 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 Price opened with a small gap up of about 9 pips which was quickly closed and reversed. After removal of the weak long breakout traders last Friday, SM is likely to push prices to around 1.6875 - 1.6880 level before reversing downward. Being the first day of the week, SM is still in a state of setting up, a retest of Friday's lows or lower would provide the possible long entry levels.
GU long levels: 1.6775, 1.6760, 1.6750, 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 02.57 am EST