DAILY REVIEW 30 July 2014
EU: The Daily candle is a small spread (48pips) bear closing 1/2 off the low on very high vol>37days. The candle close and volume suggests more downside but also the possible commencement of buying. Levels of interest: Demand: short-term 1.3399, Daily/Weekly: 1.3330, 1.3300, 1.3294 Supply: short-term: 1.3400, 1.3433, 1.3460, 1.3485, 1.3547, 1.3573, 1.3600, 1.3730, 1.3800, 1.3900 Weekly/Daily: 1.4184, 1.4246 pivot. The FOMC minutes did not throw up any surprises as the FED maintained the current tapering and kept interest rates unchanged. The reaction to the news was more or less as expected as SM first created what appeared to be selling pressure on the release and subsequently reversed to fade the news traders and the weak shorts. SM is likely to continue fading weak shorts to the 1.3433 - 1.3450 level before reversing to test the yesterday's low at 1.3366 or lower.
EU long levels: 1.3366, 1.3294 EU short levels: 1.3400, 1.3433, 1.3460, 1.3585, 1.3600, 1.3646, 1.3670, 1.3730, 1.3800, 1.3900
Posted at 04.54 am EST
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Thursday 31 July 2014
Wednesday 30 July 2014
DAILY REVIEW 30 July 2014
EU: The Daily candle is a small spread (40pips) bear closing very near the low on low vol>1day. The candle close and volume suggests more downside but also the slowing of selling momentum as daily price-volume divergence continues. Levels of interest: Demand: short-term 1.3399, Daily/Weekly: 1.3330, 1.3300, 1.3294 Supply: short-term: 1.3460, 1.3485, 1.3547, 1.3573, 1.3600, 1.3730, 1.3800, 1.3900 Weekly/Daily: 1.4184, 1.4246 pivot. With the FOMC coming up on later today, SM has been pricing in the continued FED tapering and is likely positioning price close to the significant levels prior to the FED Interest rate decision today. In the event of the FED maintaining the current interest rate or not committing to a clear interest rate rise timetable, SM will likely take profit and reverse from the significant levels. SM is likely to induce short traders by breaking through the 1.3399 pivot which is ongoing before reversing to take out their stops to around the 1.3420 level or higher in preparation for the upcoming ADP data and other news today.
EU long levels: 1.3399, 1.3294 EU short levels: 1.3460, 1.3585, 1.3600, 1.3646, 1.3670, 1.3730, 1.3800, 1.3900
Posted at 04.51 am EST
EU: The Daily candle is a small spread (40pips) bear closing very near the low on low vol>1day. The candle close and volume suggests more downside but also the slowing of selling momentum as daily price-volume divergence continues. Levels of interest: Demand: short-term 1.3399, Daily/Weekly: 1.3330, 1.3300, 1.3294 Supply: short-term: 1.3460, 1.3485, 1.3547, 1.3573, 1.3600, 1.3730, 1.3800, 1.3900 Weekly/Daily: 1.4184, 1.4246 pivot. With the FOMC coming up on later today, SM has been pricing in the continued FED tapering and is likely positioning price close to the significant levels prior to the FED Interest rate decision today. In the event of the FED maintaining the current interest rate or not committing to a clear interest rate rise timetable, SM will likely take profit and reverse from the significant levels. SM is likely to induce short traders by breaking through the 1.3399 pivot which is ongoing before reversing to take out their stops to around the 1.3420 level or higher in preparation for the upcoming ADP data and other news today.
EU long levels: 1.3399, 1.3294 EU short levels: 1.3460, 1.3585, 1.3600, 1.3646, 1.3670, 1.3730, 1.3800, 1.3900
Posted at 04.51 am EST
Tuesday 29 July 2014
DAILY REVIEW 29 July 2014
EU: The Daily candle is a very small spread (16pips) bull closing off the high on low vol<15days. The candle close and volume suggests more downside but also the lack of selling interest. Levels of interest: Demand: short-term 1.3420, 1.3408, 1.3399, Daily/Weekly: 1.3330, 1.3300, 1.3294 Supply: short-term: 1.3460, 1.3485, 1.3547, 1.3573, 1.3600, 1.3730, 1.3800, 1.3900 Weekly/Daily: 1.4184, 1.4246 pivot. In the absence of major news yesterday, nothing has changed and SM is likely to fade weak longs to the 1.3460 level or higher before reversing to test last week's low at 1.3420 or lower to the 1.3399 pivot.
EU long levels: 1.3420, 1.3399, 1.3294 EU short levels: 1.3460, 1.3585, 1.3600, 1.3646, 1.3670, 1.3730, 1.3800, 1.3900
GU: The Daily candle is a very small spread (28pips) bull pseudo upthrust closing on low vol<44days. The candle close and volume suggests more downside. Levels of interest: Supply short-term- 1.7016, 1.7042, 1.7120, 1.7145 Weekly/Daily supply level: 1.7178 (current pivot high), 1.7365, 1.7910, 1.800 Demand: short-term- 1.6952, 1.6920, 1.6850, 1.6835 Similarly the lack of major news means that the expected price action has yet to materialize. SM will likely maintain selling pressure to test last week's low of 1.6960 or lower to the 1.6952 pivot before reversing to the 1.7016 level and possibly reversing downward again.
GU long levels: 1.6960, 1.6952, 1.6930, 1.6920, 1.6850, 1.6835, 1.6825, 1.6810 GU short levels: 1.7016, 1.7042, 1.7120, 1.7145, 1.7170, 1.7192, 1.7365, 1.7910, 1.8000
Posted at 05.34 am EST
EU: The Daily candle is a very small spread (16pips) bull closing off the high on low vol<15days. The candle close and volume suggests more downside but also the lack of selling interest. Levels of interest: Demand: short-term 1.3420, 1.3408, 1.3399, Daily/Weekly: 1.3330, 1.3300, 1.3294 Supply: short-term: 1.3460, 1.3485, 1.3547, 1.3573, 1.3600, 1.3730, 1.3800, 1.3900 Weekly/Daily: 1.4184, 1.4246 pivot. In the absence of major news yesterday, nothing has changed and SM is likely to fade weak longs to the 1.3460 level or higher before reversing to test last week's low at 1.3420 or lower to the 1.3399 pivot.
EU long levels: 1.3420, 1.3399, 1.3294 EU short levels: 1.3460, 1.3585, 1.3600, 1.3646, 1.3670, 1.3730, 1.3800, 1.3900
GU: The Daily candle is a very small spread (28pips) bull pseudo upthrust closing on low vol<44days. The candle close and volume suggests more downside. Levels of interest: Supply short-term- 1.7016, 1.7042, 1.7120, 1.7145 Weekly/Daily supply level: 1.7178 (current pivot high), 1.7365, 1.7910, 1.800 Demand: short-term- 1.6952, 1.6920, 1.6850, 1.6835 Similarly the lack of major news means that the expected price action has yet to materialize. SM will likely maintain selling pressure to test last week's low of 1.6960 or lower to the 1.6952 pivot before reversing to the 1.7016 level and possibly reversing downward again.
GU long levels: 1.6960, 1.6952, 1.6930, 1.6920, 1.6850, 1.6835, 1.6825, 1.6810 GU short levels: 1.7016, 1.7042, 1.7120, 1.7145, 1.7170, 1.7192, 1.7365, 1.7910, 1.8000
Posted at 05.34 am EST
Monday 28 July 2014
DAILY REVIEW 28 July 2014
EU: Weekly- the candle is a below average spread (128pips) bear closing near the low on low vol<1week. The candle close and volume suggests more downside. The Daily candle is a small spread (54pips) bear large body spinning top closing on average vol<1day. The candle close and volume suggests more downside but also the possible commencement of buying. Levels of interest: Demand: short-term 1.3420, 1.3408, 1.3399, Daily/Weekly: 1.3330, 1.3300, 1.3294 Supply: short-term: 1.3460, 1.3485, 1.3547, 1.3573, 1.3600, 1.3730, 1.3800, 1.3900 Weekly/Daily: 1.4184, 1.4246 pivot. SM is likely to fade weak longs to the 1.3460 level or higher before reversing to test last week's low at 1.3420 or lower to the 1.3399 pivot.
EU long levels: 1.3420, 1.3399, 1.3294 EU short levels: 1.3460, 1.3585, 1.3600, 1.3646, 1.3670, 1.3730, 1.3800, 1.3900
GU: Weekly- the candle is a below average spread (138pips) bear closing near the low on low vol<1week. The candle close and volume suggests more downside. The Daily candle is a small spread (36pips) bear spinning top closing on low vol<3days. The candle close and volume suggests more downside. Levels of interest: Supply short-term- 1.7016, 1.7042, 1.7120, 1.7145 Weekly/Daily supply level: 1.7178 (current pivot high), 1.7365, 1.7910, 1.800 Demand: short-term- 1.6952, 1.6920, 1.6850, 1.6835 SM will likely maintain selling pressure to test last week's low of 1.6960 or lower to the 1.6952 pivot before reversing to the 1.7016 level and possibly reversing downward again.
GU long levels: 1.6960, 1.6952, 1.6930, 1.6920, 1.6850, 1.6835, 1.6825, 1.6810 GU short levels: 1.7016, 1.7042, 1.7120, 1.7145, 1.7170, 1.7192, 1.7365, 1.7910, 1.8000
Posted at 05.25 am EST
EU: Weekly- the candle is a below average spread (128pips) bear closing near the low on low vol<1week. The candle close and volume suggests more downside. The Daily candle is a small spread (54pips) bear large body spinning top closing on average vol<1day. The candle close and volume suggests more downside but also the possible commencement of buying. Levels of interest: Demand: short-term 1.3420, 1.3408, 1.3399, Daily/Weekly: 1.3330, 1.3300, 1.3294 Supply: short-term: 1.3460, 1.3485, 1.3547, 1.3573, 1.3600, 1.3730, 1.3800, 1.3900 Weekly/Daily: 1.4184, 1.4246 pivot. SM is likely to fade weak longs to the 1.3460 level or higher before reversing to test last week's low at 1.3420 or lower to the 1.3399 pivot.
EU long levels: 1.3420, 1.3399, 1.3294 EU short levels: 1.3460, 1.3585, 1.3600, 1.3646, 1.3670, 1.3730, 1.3800, 1.3900
GU: Weekly- the candle is a below average spread (138pips) bear closing near the low on low vol<1week. The candle close and volume suggests more downside. The Daily candle is a small spread (36pips) bear spinning top closing on low vol<3days. The candle close and volume suggests more downside. Levels of interest: Supply short-term- 1.7016, 1.7042, 1.7120, 1.7145 Weekly/Daily supply level: 1.7178 (current pivot high), 1.7365, 1.7910, 1.800 Demand: short-term- 1.6952, 1.6920, 1.6850, 1.6835 SM will likely maintain selling pressure to test last week's low of 1.6960 or lower to the 1.6952 pivot before reversing to the 1.7016 level and possibly reversing downward again.
GU long levels: 1.6960, 1.6952, 1.6930, 1.6920, 1.6850, 1.6835, 1.6825, 1.6810 GU short levels: 1.7016, 1.7042, 1.7120, 1.7145, 1.7170, 1.7192, 1.7365, 1.7910, 1.8000
Posted at 05.25 am EST
Friday 25 July 2014
DAILY REVIEW 25 July 2014
Reviews on 23 and 24 July were saved but remained unpublished as I was busy and overlooked. Anyway here is today's:
EU: The Daily candle is a small spread (46pips) doji closing on average vol>1day. The candle close and volume suggests more downside but also the possible commencement of buying. Levels of interest: Demand: short-term 1.3417, 1.3408, 1.3399, Daily/Weekly: 1.3330, 1.3300, 1.3294 Supply: short-term: 1.3573, 1.3600, 1.3730, 1.3800, 1.3900 Weekly/Daily: 1.4184, 1.4246 pivot. SM is likely to induce shorts by pushing towards the 1.3400 key level before reversing to test the 1.3475 pivot.
EU long levels: 1.3417, 1.3399, 1.3294 EU short levels: 1.3573, 1.3600, 1.3646, 1.3670, 1.3730, 1.3800, 1.3900
GU: The Daily candle is a normal spread (87pips) bear closing off the low on average vol<1day. The candle close and volume suggests more downside. Levels of interest: Supply short-term- 1.7042, 1.7120, 1.7145 Weekly/Daily supply level: 1.7178 (current pivot high), 1.7365, 1.7910, 1.800 Demand: short-term- 1.6952, 1.6920, 1.6850, 1.6835 SM will likely maintain selling pressure to test the 1.6952 pivot or lower before reversing.
GU long levels: 1.6952, 1.6930, 1.6920, 1.6850, 1.6835, 1.6825, 1.6810 GU short levels: 1.7042, 1.7120, 1.7145, 1.7170, 1.7192, 1.7365, 1.7910, 1.8000
Posted at 05.53 am EST
Reviews on 23 and 24 July were saved but remained unpublished as I was busy and overlooked. Anyway here is today's:
EU: The Daily candle is a small spread (46pips) doji closing on average vol>1day. The candle close and volume suggests more downside but also the possible commencement of buying. Levels of interest: Demand: short-term 1.3417, 1.3408, 1.3399, Daily/Weekly: 1.3330, 1.3300, 1.3294 Supply: short-term: 1.3573, 1.3600, 1.3730, 1.3800, 1.3900 Weekly/Daily: 1.4184, 1.4246 pivot. SM is likely to induce shorts by pushing towards the 1.3400 key level before reversing to test the 1.3475 pivot.
EU long levels: 1.3417, 1.3399, 1.3294 EU short levels: 1.3573, 1.3600, 1.3646, 1.3670, 1.3730, 1.3800, 1.3900
GU: The Daily candle is a normal spread (87pips) bear closing off the low on average vol<1day. The candle close and volume suggests more downside. Levels of interest: Supply short-term- 1.7042, 1.7120, 1.7145 Weekly/Daily supply level: 1.7178 (current pivot high), 1.7365, 1.7910, 1.800 Demand: short-term- 1.6952, 1.6920, 1.6850, 1.6835 SM will likely maintain selling pressure to test the 1.6952 pivot or lower before reversing.
GU long levels: 1.6952, 1.6930, 1.6920, 1.6850, 1.6835, 1.6825, 1.6810 GU short levels: 1.7042, 1.7120, 1.7145, 1.7170, 1.7192, 1.7365, 1.7910, 1.8000
Posted at 05.53 am EST
Monday 21 July 2014
DAILY REVIEW 21 July 2014
EU: Weekly- the candle is a below average spread (149pips) bear large body spinning top closing off the low on low vol>3weeks. The candle close and volume suggests more downside. The Daily candle is a small spread (44pips) bear reverse upthrust closing on high vol>2days. The candle close and volume suggests a commencement of buying but will see more downside. Levels of interest: Demand: short-term 1.3475, Daily/Weekly: 1.3330, 1.3300, 1.3294 Supply: short-term: 1.3570, 1.3600, 1.3730, 1.3800, 1.3900 Weekly/Daily: 1.4184, 1.4246 pivot. Price finally broke the 1.3500 key level last Friday to 1.3490 before reversing upward in thin trading. Prices opened slightly gapped up by about 6 pips today. SM is likely to maintain buying pressure to fade weak shorts to the 1.3570 level or higher (maybe 1.3600 key level) before reversing to test the 1.3475 pivot.
EU long levels: 1.3500, 1.3476, 1.3399, 1.3294 EU short levels: 1.3570, 1.3600, 1.3646, 1.3670, 1.3730, 1.3800, 1.3900
GU: Weekly- the candle is a below average (154pips) bear spinning top closing on average vol>3weeks. The candle close and volume suggests more downside. The Daily candle is a normal spread (80pips) bear reverse upthrust on high vol>2days. The candle close and volume suggests more upside. Levels of interest: Supply short-term- 1.7120, 1.7145 Weekly/Daily supply level: 1.7178 (current pivot high), 1.7365, 1.7910, 1.800 Demand: short-term- 1.7020, 1.6995, 1.6975, 1.6952, 1.6920, 1.6850, 1.6835 As expected, price tested the 1.7050 last Friday and went lower to 1.7035 before reversing. SM will likely create buying pressure to fade weak shorts to the the 1.7120 or 1.7145 level before continuing the downward push.
GU long levels: 1.7020, 1.6995, 1.6970, 1.6952, 1.6930, 1.6920, 1.6850, 1.6835, 1.6825, 1.6810 GU short levels: 1.7120, 1.7145, 1.7170, 1.7192, 1.7365, 1.7910, 1.8000
Posted at 01.26 am EST
EU: Weekly- the candle is a below average spread (149pips) bear large body spinning top closing off the low on low vol>3weeks. The candle close and volume suggests more downside. The Daily candle is a small spread (44pips) bear reverse upthrust closing on high vol>2days. The candle close and volume suggests a commencement of buying but will see more downside. Levels of interest: Demand: short-term 1.3475, Daily/Weekly: 1.3330, 1.3300, 1.3294 Supply: short-term: 1.3570, 1.3600, 1.3730, 1.3800, 1.3900 Weekly/Daily: 1.4184, 1.4246 pivot. Price finally broke the 1.3500 key level last Friday to 1.3490 before reversing upward in thin trading. Prices opened slightly gapped up by about 6 pips today. SM is likely to maintain buying pressure to fade weak shorts to the 1.3570 level or higher (maybe 1.3600 key level) before reversing to test the 1.3475 pivot.
EU long levels: 1.3500, 1.3476, 1.3399, 1.3294 EU short levels: 1.3570, 1.3600, 1.3646, 1.3670, 1.3730, 1.3800, 1.3900
GU: Weekly- the candle is a below average (154pips) bear spinning top closing on average vol>3weeks. The candle close and volume suggests more downside. The Daily candle is a normal spread (80pips) bear reverse upthrust on high vol>2days. The candle close and volume suggests more upside. Levels of interest: Supply short-term- 1.7120, 1.7145 Weekly/Daily supply level: 1.7178 (current pivot high), 1.7365, 1.7910, 1.800 Demand: short-term- 1.7020, 1.6995, 1.6975, 1.6952, 1.6920, 1.6850, 1.6835 As expected, price tested the 1.7050 last Friday and went lower to 1.7035 before reversing. SM will likely create buying pressure to fade weak shorts to the the 1.7120 or 1.7145 level before continuing the downward push.
GU long levels: 1.7020, 1.6995, 1.6970, 1.6952, 1.6930, 1.6920, 1.6850, 1.6835, 1.6825, 1.6810 GU short levels: 1.7120, 1.7145, 1.7170, 1.7192, 1.7365, 1.7910, 1.8000
Posted at 01.26 am EST
Friday 18 July 2014
DAILY REVIEW 18 July 2014
EU: The Daily candle is a very small spread (23pips) bull "near doji" closing on average vol>1day. The candle close and volume suggests a commencement of buying but may see more downside. Levels of interest: Demand: short-term 1.3500, 1.3475, Daily/Weekly: 1.3330, 1.3300, 1.3294 Supply: short-term: 1.3570, 1.3600, 1.3730, 1.3800, 1.3900 Weekly/Daily: 1.4184, 1.4246 pivot. Price has made a lower low to 1.3515 overnight and the current low at 1.3512. SM is likely to fade weak shorts to the 1.3570 level or higher (maybe 1.3600 key level) before reversing to test the 1.3500 level or lower to the 1.3475 pivot.
EU long levels: 1.3500, 1.3476, 1.3399, 1.3294 EU short levels: 1.3570, 1.3600, 1.3646, 1.3670, 1.3730, 1.3800, 1.3900
GU: The Daily candle is a below average spread (58pips) bear closing just off the low on low vol<2days. The candle close and volume suggests more downside. Levels of interest: Supply short-term- 1.7120, 1.7145 Weekly/Daily supply level: 1.7178 (current pivot high), 1.7365, 1.7910, 1.800 Demand: short-term- 1.7042, 1.7020, 1.6995, 1.6975, 1.6952, 1.6920, 1.6850, 1.6835 As expected, price tested and closed below the 1.7111 pivot and moving lower after yesterday's low of 1.7084. SM will likely create buying pressure to the 1.7120 or 1.7145 level before continuing the downward push for reaccumulation.
GU long levels: 1.7050, 1.6995, 1.6970, 1.6952, 1.6930, 1.6920, 1.6850, 1.6835, 1.6825, 1.6810 GU short levels: 1.7120, 1.7145, 1.7170, 1.7192, 1.7365, 1.7910, 1.8000
Posted at 03.56 am EST
EU: The Daily candle is a very small spread (23pips) bull "near doji" closing on average vol>1day. The candle close and volume suggests a commencement of buying but may see more downside. Levels of interest: Demand: short-term 1.3500, 1.3475, Daily/Weekly: 1.3330, 1.3300, 1.3294 Supply: short-term: 1.3570, 1.3600, 1.3730, 1.3800, 1.3900 Weekly/Daily: 1.4184, 1.4246 pivot. Price has made a lower low to 1.3515 overnight and the current low at 1.3512. SM is likely to fade weak shorts to the 1.3570 level or higher (maybe 1.3600 key level) before reversing to test the 1.3500 level or lower to the 1.3475 pivot.
EU long levels: 1.3500, 1.3476, 1.3399, 1.3294 EU short levels: 1.3570, 1.3600, 1.3646, 1.3670, 1.3730, 1.3800, 1.3900
GU: The Daily candle is a below average spread (58pips) bear closing just off the low on low vol<2days. The candle close and volume suggests more downside. Levels of interest: Supply short-term- 1.7120, 1.7145 Weekly/Daily supply level: 1.7178 (current pivot high), 1.7365, 1.7910, 1.800 Demand: short-term- 1.7042, 1.7020, 1.6995, 1.6975, 1.6952, 1.6920, 1.6850, 1.6835 As expected, price tested and closed below the 1.7111 pivot and moving lower after yesterday's low of 1.7084. SM will likely create buying pressure to the 1.7120 or 1.7145 level before continuing the downward push for reaccumulation.
GU long levels: 1.7050, 1.6995, 1.6970, 1.6952, 1.6930, 1.6920, 1.6850, 1.6835, 1.6825, 1.6810 GU short levels: 1.7120, 1.7145, 1.7170, 1.7192, 1.7365, 1.7910, 1.8000
Posted at 03.56 am EST
Thursday 17 July 2014
DAILY REVIEW 17 July 2014
EU: The Daily candle is a small spread (51pips) bear closing near the low on average 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: 1.3561, 1.3568, 1.3615, 1.3730, 1.3800, 1.3900 Weekly/Daily: 1.4184, 1.4246 pivot. Prices went only as high as the 1.3639 level in thin trading. SM has pushed prices to the current Asia low of 1.3520, SM is likely to fade weak shorts to the 1.3561 level or higher (maybe 1.3568) before reversing to test the 1.3500 level or lower to the 1.3475 pivot.
EU long levels: 1.3500, 1.3476, 1.3399, 1.3294 EU short levels: 1.3561, 1.3570, 11.3646, 1.3670, 1.3730, 1.3800, 1.3900
GU: The Daily candle is a small spread (38pips) bear hammer closing on average vol<1day. The candle close and volume suggests more downside. Levels of interest: Supply short-term- 1.7178 (current pivot high) Weekly/Daily supply level: 1.7365, 1.7910, 1.800 Demand: short-term- 1.7095, 1.7050, 1.6995, 1.6972, 1.6952, 1.6920, 1.6850, 1.6835 SM has continued the selling pressure is likely to test the 1.7111 pivot, a break and close below this pivot will likely see the 1.7058 pivot retested. Failure to close below the 1.7111 will likely see a fade of weak shorts to the 1.7170 before reversing.
GU long levels: 1.7111, 1.7050, 1.6995, 1.6970, 1.6952, 1.6930, 1.6920, 1.6850, 1.6835, 1.6825, 1.6810 GU short levels: 1.7170, 1.7192, 1.7365, 1.7910, 1.8000
Posted at 03.56 am EST
EU: The Daily candle is a small spread (51pips) bear closing near the low on average 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: 1.3561, 1.3568, 1.3615, 1.3730, 1.3800, 1.3900 Weekly/Daily: 1.4184, 1.4246 pivot. Prices went only as high as the 1.3639 level in thin trading. SM has pushed prices to the current Asia low of 1.3520, SM is likely to fade weak shorts to the 1.3561 level or higher (maybe 1.3568) before reversing to test the 1.3500 level or lower to the 1.3475 pivot.
EU long levels: 1.3500, 1.3476, 1.3399, 1.3294 EU short levels: 1.3561, 1.3570, 11.3646, 1.3670, 1.3730, 1.3800, 1.3900
GU: The Daily candle is a small spread (38pips) bear hammer closing on average vol<1day. The candle close and volume suggests more downside. Levels of interest: Supply short-term- 1.7178 (current pivot high) Weekly/Daily supply level: 1.7365, 1.7910, 1.800 Demand: short-term- 1.7095, 1.7050, 1.6995, 1.6972, 1.6952, 1.6920, 1.6850, 1.6835 SM has continued the selling pressure is likely to test the 1.7111 pivot, a break and close below this pivot will likely see the 1.7058 pivot retested. Failure to close below the 1.7111 will likely see a fade of weak shorts to the 1.7170 before reversing.
GU long levels: 1.7111, 1.7050, 1.6995, 1.6970, 1.6952, 1.6930, 1.6920, 1.6850, 1.6835, 1.6825, 1.6810 GU short levels: 1.7170, 1.7192, 1.7365, 1.7910, 1.8000
Posted at 03.56 am EST
Tuesday 15 July 2014
DAILY REVIEW 15 July 2014
EU: The Daily candle is a small spread (42pips) bull closing 1/2 off the high 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: 1.3615 (Daily ema200), 1.3730, 1.3800, 1.3900 Weekly/Daily: 1.4184, 1.4246 pivot. Prices went only as high as the 1.3639 level in thin trading. Prices closed nearly at the Daily ema200 (1.3614) SM is likely to create buying pressure to retest yesterday's high or higher (maybe 1.3650) before reversing to test the 1.3500 level.
EU long levels: 1.3615, 1.3500, 1.3476, 1.3399, 1.3294 EU short levels: 1.3646, 1.3670, 1.3730, 1.3800, 1.3900
GU: The Daily candle is a below average spread (55pips) bear closing just off the low on average vol>1day. The candle close and volume suggests more downside. Levels of interest: Supply short-term- 1.7178 (current pivot high) Weekly/Daily supply level: 1.7365, 1.7910, 1.800 Demand: short-term- 1.7095, 1.7050, 1.6995, 1.6972, 1.6952, 1.6920, 1.6850, 1.6835 Yesterday, I wrote "A close below the 1.7095 level will likely see the 1.7050 tested", prices have pushed to a day low of 1.7058 already and SM is likely to continue the selling pressure to 1.7050 or lower to test the 1.7000 key level.
GU long levels: 1.7050, 1.6995, 1.6970, 1.6952, 1.6930, 1.6920, 1.6850, 1.6835, 1.6825, 1.6810 GU short levels: 1.7142, 1.7155 - 1.7160, 1.7178, 1.7365, 1.7910, 1.8000
Posted at 04.13 am EST
EU: The Daily candle is a small spread (42pips) bull closing 1/2 off the high 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: 1.3615 (Daily ema200), 1.3730, 1.3800, 1.3900 Weekly/Daily: 1.4184, 1.4246 pivot. Prices went only as high as the 1.3639 level in thin trading. Prices closed nearly at the Daily ema200 (1.3614) SM is likely to create buying pressure to retest yesterday's high or higher (maybe 1.3650) before reversing to test the 1.3500 level.
EU long levels: 1.3615, 1.3500, 1.3476, 1.3399, 1.3294 EU short levels: 1.3646, 1.3670, 1.3730, 1.3800, 1.3900
GU: The Daily candle is a below average spread (55pips) bear closing just off the low on average vol>1day. The candle close and volume suggests more downside. Levels of interest: Supply short-term- 1.7178 (current pivot high) Weekly/Daily supply level: 1.7365, 1.7910, 1.800 Demand: short-term- 1.7095, 1.7050, 1.6995, 1.6972, 1.6952, 1.6920, 1.6850, 1.6835 Yesterday, I wrote "A close below the 1.7095 level will likely see the 1.7050 tested", prices have pushed to a day low of 1.7058 already and SM is likely to continue the selling pressure to 1.7050 or lower to test the 1.7000 key level.
GU long levels: 1.7050, 1.6995, 1.6970, 1.6952, 1.6930, 1.6920, 1.6850, 1.6835, 1.6825, 1.6810 GU short levels: 1.7142, 1.7155 - 1.7160, 1.7178, 1.7365, 1.7910, 1.8000
Posted at 04.13 am EST
Monday 14 July 2014
DAILY REVIEW 14 July 2014
EU: Weekly- the candle is a small spread (75pips) bull "pseudo upthrust" closing on low vol<27weeks. The candle close and volume suggests more downside. The Daily candle is a small spread (32pips) bear "near doji" closing 1/2 off the low on low vol>4days. 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: 1.3615 (Daily ema200), 1.3730, 1.3800, 1.3900 Weekly/Daily: 1.4184, 1.4246 pivot. Prices have spiked higher to the 1.3639 level. SM is likely to maintain buying pressure to fade weak shorts to the 1.3650 level or higher before reversing to test the 1.3500 level.
EU long levels: 1.3615, 1.3500, 1.3476, 1.3399, 1.3294 EU short levels: 1.3646, 1.3670, 1.3730, 1.3800, 1.3900
GU: Weekly- the candle is a small spread (82pips) bear closing just off the low on low vol<10weeks. The candle close and volume suggests more downside. The Daily candle is a below average spread (55pips) bear spinning top closing 1/3 off the low on low vol<2days. The candle close and volume suggests some upside distribution prior to a reversal. Levels of interest: Supply short-term- 1.7178 (current pivot high) Weekly/Daily supply level: 1.7365, 1.7910, 1.800 Demand: short-term- 1.7095, 1.7050, 1.6995, 1.6972, 1.6952, 1.6920, 1.6850, 1.6835 Last Friday, I wrote "SM is likely to continue buying pressure to around the 1.7142 level or higher before reversing to test the 1.7100 and lower level." SM has tested the 1.7142 level today and although it may retest the level, it is more likely to likely to drop without going back up to retest it. A close below the 1.7095 level will likely see the 1.7050 tested.
GU long levels: 1.7095, 1.7050, 1.6995, 1.6970, 1.6952, 1.6930, 1.6920, 1.6850, 1.6835, 1.6825, 1.6810 GU short levels: 1.7142, 1.7155 - 1.7160, 1.7178, 1.7365, 1.7910, 1.8000
Posted at 06.21 am EST
EU: Weekly- the candle is a small spread (75pips) bull "pseudo upthrust" closing on low vol<27weeks. The candle close and volume suggests more downside. The Daily candle is a small spread (32pips) bear "near doji" closing 1/2 off the low on low vol>4days. 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: 1.3615 (Daily ema200), 1.3730, 1.3800, 1.3900 Weekly/Daily: 1.4184, 1.4246 pivot. Prices have spiked higher to the 1.3639 level. SM is likely to maintain buying pressure to fade weak shorts to the 1.3650 level or higher before reversing to test the 1.3500 level.
EU long levels: 1.3615, 1.3500, 1.3476, 1.3399, 1.3294 EU short levels: 1.3646, 1.3670, 1.3730, 1.3800, 1.3900
GU: Weekly- the candle is a small spread (82pips) bear closing just off the low on low vol<10weeks. The candle close and volume suggests more downside. The Daily candle is a below average spread (55pips) bear spinning top closing 1/3 off the low on low vol<2days. The candle close and volume suggests some upside distribution prior to a reversal. Levels of interest: Supply short-term- 1.7178 (current pivot high) Weekly/Daily supply level: 1.7365, 1.7910, 1.800 Demand: short-term- 1.7095, 1.7050, 1.6995, 1.6972, 1.6952, 1.6920, 1.6850, 1.6835 Last Friday, I wrote "SM is likely to continue buying pressure to around the 1.7142 level or higher before reversing to test the 1.7100 and lower level." SM has tested the 1.7142 level today and although it may retest the level, it is more likely to likely to drop without going back up to retest it. A close below the 1.7095 level will likely see the 1.7050 tested.
GU long levels: 1.7095, 1.7050, 1.6995, 1.6970, 1.6952, 1.6930, 1.6920, 1.6850, 1.6835, 1.6825, 1.6810 GU short levels: 1.7142, 1.7155 - 1.7160, 1.7178, 1.7365, 1.7910, 1.8000
Posted at 06.21 am EST
Friday 11 July 2014
DAILY REVIEW 11 July 2014
EU: The Daily candle is a below average spread (61pips) bear closing 1/3 off the low on high vol>4days. 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: 1.3615 (Daily ema200), 1.3730, 1.3800, 1.3900 Weekly/Daily: 1.4184, 1.4246 pivot. Euro spiked up as expected after the FOMC minutes but got pushed down much lower by the collapse of Portugese equity. SM is likely to create buying pressure to fade weak shorts to the 1.3617 (ema200 H1) level or higher to around 1.3638 level before reversing to test the 1.3500 level.
EU long levels: 1.3615, 1.3500, 1.3476, 1.3399, 1.3294 EU short levels: 1.3620, 1.3646, 1.3670, 1.3730, 1.3800, 1.3900
GU: The Daily candle is a below average spread (63pips) bear closing 1/2 off the low on average vol>4days. The candle close and volume more upside distribution prior to a reversal. Levels of interest: Supply short-term- 1.7178 (current pivot high) Weekly/Daily supply level: 1.7365, 1.7910, 1.800 Demand: short-term- 1.7095, 1.7050, 1.6995, 1.6972, 1.6952, 1.6920, 1.6850, 1.6835 After the FOMC minutes, GU has spiked to around the 1.7153 and coming off when poor trade balance data gave it another push from 1.7135 down to the 1.7100 key level from which prices reversed fading weak shorts. SM is likely to continue buying pressure to around the 1.7142 level or higher before reversing to test the 1.7100 and lower level. A close below the 1.7095 level will likely see the 1.7050 tested.
GU long levels: 1.7095, 1.7050, 1.6995, 1.6970, 1.6952, 1.6930, 1.6920, 1.6850, 1.6835, 1.6825, 1.6810 GU short levels: 1.7142, 1.7155 - 1.7160, 1.7178, 1.7365, 1.7910, 1.8000
Posted at 04.10 am EST
EU: The Daily candle is a below average spread (61pips) bear closing 1/3 off the low on high vol>4days. 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: 1.3615 (Daily ema200), 1.3730, 1.3800, 1.3900 Weekly/Daily: 1.4184, 1.4246 pivot. Euro spiked up as expected after the FOMC minutes but got pushed down much lower by the collapse of Portugese equity. SM is likely to create buying pressure to fade weak shorts to the 1.3617 (ema200 H1) level or higher to around 1.3638 level before reversing to test the 1.3500 level.
EU long levels: 1.3615, 1.3500, 1.3476, 1.3399, 1.3294 EU short levels: 1.3620, 1.3646, 1.3670, 1.3730, 1.3800, 1.3900
GU: The Daily candle is a below average spread (63pips) bear closing 1/2 off the low on average vol>4days. The candle close and volume more upside distribution prior to a reversal. Levels of interest: Supply short-term- 1.7178 (current pivot high) Weekly/Daily supply level: 1.7365, 1.7910, 1.800 Demand: short-term- 1.7095, 1.7050, 1.6995, 1.6972, 1.6952, 1.6920, 1.6850, 1.6835 After the FOMC minutes, GU has spiked to around the 1.7153 and coming off when poor trade balance data gave it another push from 1.7135 down to the 1.7100 key level from which prices reversed fading weak shorts. SM is likely to continue buying pressure to around the 1.7142 level or higher before reversing to test the 1.7100 and lower level. A close below the 1.7095 level will likely see the 1.7050 tested.
GU long levels: 1.7095, 1.7050, 1.6995, 1.6970, 1.6952, 1.6930, 1.6920, 1.6850, 1.6835, 1.6825, 1.6810 GU short levels: 1.7142, 1.7155 - 1.7160, 1.7178, 1.7365, 1.7910, 1.8000
Posted at 04.10 am EST
Thursday 10 July 2014
DAILY REVIEW 10 July 2014
EU: The Daily candle is a small spread (46pips) bull large body spinning top closing off the high on high vol>3days. The candle close and volume suggests a more upside. Levels of interest: Demand: short-term 1.3500, 1.3475, Daily/Weekly: 1.3330, 1.3300, 1.3294 Supply: short-term: 1.3730, 1.3800, 1.3900 Weekly/Daily: 1.4184, 1.4246 pivot. The FOMC minutes released yesterday had very little impact. SM is likely to push prices higher by first fading the weak longs to around the 1.3615 level before reversing to test the 1.3670 level.
EU long levels: 1.3615, 1.3500, 1.3476, 1.3399, 1.3294 EU short levels: 1.3620, 1.3646, 1.3670, 1.3730, 1.3800, 1.3900
GU: The Daily candle is a below average spread (67pips) bull near the high on low vol>3days. The candle close and volume more upside. Levels of interest: Supply short-term- 1.7178 (current pivot high) Weekly/Daily supply level: 1.7365, 1.7910, 1.800 Demand: short-term- 1.7095, 1.7050, 1.6995, 1.6972, 1.6952, 1.6920, 1.6850, 1.6835 SM is likely to create selling pressure to around the 1.7120 level or lower before resuming the upward movement.
GU long levels: 1.7120, 1.7095, 1.7050, 1.6995, 1.6970, 1.6952, 1.6930, 1.6920, 1.6850, 1.6835, 1.6825, 1.6810 GU short levels: 1.7178, 1.7365, 1.7910, 1.8000
Posted at 02.21 am EST
EU: The Daily candle is a small spread (46pips) bull large body spinning top closing off the high on high vol>3days. The candle close and volume suggests a more upside. Levels of interest: Demand: short-term 1.3500, 1.3475, Daily/Weekly: 1.3330, 1.3300, 1.3294 Supply: short-term: 1.3730, 1.3800, 1.3900 Weekly/Daily: 1.4184, 1.4246 pivot. The FOMC minutes released yesterday had very little impact. SM is likely to push prices higher by first fading the weak longs to around the 1.3615 level before reversing to test the 1.3670 level.
EU long levels: 1.3615, 1.3500, 1.3476, 1.3399, 1.3294 EU short levels: 1.3620, 1.3646, 1.3670, 1.3730, 1.3800, 1.3900
GU: The Daily candle is a below average spread (67pips) bull near the high on low vol>3days. The candle close and volume more upside. Levels of interest: Supply short-term- 1.7178 (current pivot high) Weekly/Daily supply level: 1.7365, 1.7910, 1.800 Demand: short-term- 1.7095, 1.7050, 1.6995, 1.6972, 1.6952, 1.6920, 1.6850, 1.6835 SM is likely to create selling pressure to around the 1.7120 level or lower before resuming the upward movement.
GU long levels: 1.7120, 1.7095, 1.7050, 1.6995, 1.6970, 1.6952, 1.6930, 1.6920, 1.6850, 1.6835, 1.6825, 1.6810 GU short levels: 1.7178, 1.7365, 1.7910, 1.8000
Posted at 02.21 am EST
Tuesday 8 July 2014
DAILY REVIEW 8 July 2014
EU: The Daily candle is a small spread (33pips) bull closing 1/2 off the low on low vol>1days. The candle close and volume suggests a slowing down of selling but more downside can be expected. Levels of interest: Demand: short-term 1.3500, 1.3475, Daily/Weekly: 1.3330, 1.3300, 1.3294 Supply: short-term: 1.3730, 1.3800, 1.3900 Weekly/Daily: 1.4184, 1.4246 pivot. With the FOMC minutes due out this Wed, there was simply neither range nor volume on this pair. SM is likely to position price prior to the release. There was simply no volume to move prices yesterday, volume may return for SM to create buying pressure to fade weak shorts to the 1.3620 level or perhaps to the 1.3640/50 level before reversing back downwards to test the 1.3500 level.
EU long levels: 1.3500, 1.3476, 1.3399, 1.3294 EU short levels: 1.3620, 1.3646, 1.3670, 1.3730, 1.3800, 1.3900
GU: The Daily candle is a below average spread (59pips) bear closing 1/3 off the low on low vol>1day. The candle close and volume suggests a retracement down before a continuation long. Levels of interest: Supply short-term- 1.7178 (current pivot high) Weekly/Daily supply level: 1.7365, 1.7910, 1.800 Demand: short-term- 1.7050, 1.6995, 1.6972, 1.6952, 1.6920, 1.6850, 1.6835 First SM ran the bull with great PMI figures last week and today they ran the Sxxx with the poor manufacturing data short of heralding the collapse of UK manufacturing altogether. After breaking the key 1.7100 level, SM is likely to maintain selling pressure to test the 1.7063 level or lower before resuming the upward movement.
GU long levels: 1.7050, 1.6995, 1.6970, 1.6952, 1.6930, 1.6920, 1.6850, 1.6835, 1.6825, 1.6810 GU short levels: 1.7178, 1.7365, 1.7910, 1.8000
Posted at 05.33 am EST
EU: The Daily candle is a small spread (33pips) bull closing 1/2 off the low on low vol>1days. The candle close and volume suggests a slowing down of selling but more downside can be expected. Levels of interest: Demand: short-term 1.3500, 1.3475, Daily/Weekly: 1.3330, 1.3300, 1.3294 Supply: short-term: 1.3730, 1.3800, 1.3900 Weekly/Daily: 1.4184, 1.4246 pivot. With the FOMC minutes due out this Wed, there was simply neither range nor volume on this pair. SM is likely to position price prior to the release. There was simply no volume to move prices yesterday, volume may return for SM to create buying pressure to fade weak shorts to the 1.3620 level or perhaps to the 1.3640/50 level before reversing back downwards to test the 1.3500 level.
EU long levels: 1.3500, 1.3476, 1.3399, 1.3294 EU short levels: 1.3620, 1.3646, 1.3670, 1.3730, 1.3800, 1.3900
GU: The Daily candle is a below average spread (59pips) bear closing 1/3 off the low on low vol>1day. The candle close and volume suggests a retracement down before a continuation long. Levels of interest: Supply short-term- 1.7178 (current pivot high) Weekly/Daily supply level: 1.7365, 1.7910, 1.800 Demand: short-term- 1.7050, 1.6995, 1.6972, 1.6952, 1.6920, 1.6850, 1.6835 First SM ran the bull with great PMI figures last week and today they ran the Sxxx with the poor manufacturing data short of heralding the collapse of UK manufacturing altogether. After breaking the key 1.7100 level, SM is likely to maintain selling pressure to test the 1.7063 level or lower before resuming the upward movement.
GU long levels: 1.7050, 1.6995, 1.6970, 1.6952, 1.6930, 1.6920, 1.6850, 1.6835, 1.6825, 1.6810 GU short levels: 1.7178, 1.7365, 1.7910, 1.8000
Posted at 05.33 am EST
Monday 7 July 2014
DAILY REVIEW 7 July 2014
EU: Weekly- the candle is a below average spread (115pips) bear closing near the low on low volu>1day. The candle close and volume suggests more downside. The Daily candle is a small spread (26pips) bear closing off the low on low vol<27days. The candle close and volume suggests a slowing down of selling but more downside can be expected. Levels of interest: Demand: short-term 1.3500, 1.3475, Daily/Weekly: 1.3330, 1.3300, 1.3294 Supply: short-term: 1.3730, 1.3800, 1.3900 Weekly/Daily: 1.4184, 1.4246 pivot. Goldman Sachs expectation of the FED to increase rates in Q3 2015 instead of Q1 2016 will create sentiment favourable to the USD but in the same breath, the also said that interest rates will likely remain low. As the FOMC minutes are due this Wed, SM is likely to position price prior to the release. SM is likely to maintain buying pressure to fade weak shorts to the 1.3620 level or perhaps to the 1.3640/50 level before reversing back downwards to test the 1.3500 level.
EU long levels: 1.3500, 1.3476, 1.3399, 1.3294 EU short levels: 1.3620, 1.3646, 1.3670, 1.3730, 1.3800, 1.3900
GU: Weekly- the candle is a average spread (165pips) bull closing near the high on low vol<9weeks. The candle close and volume suggests more upside. The Daily candle is a small spread (48pips) bull "near doji" closing on low vol<28days. The candle close and volume suggests more upside and a bear trap in place. Levels of interest: Supply short-term- 1.7076 (yesterday high) Weekly/Daily supply level: 1.7365, 1.7910, 1.800 Demand: short-term- 1.7100, 1.7050, 1.6995, 1.6972, 1.6952, 1.6920, 1.6850, 1.6835 SM is likely to maintain selling pressure to test the 1.7098 level or lower before resuming the upward movement.
GU long levels: 1.7100, 1.7050, 1.6995, 1.6970, 1.6952, 1.6930, 1.6920, 1.6850, 1.6835, 1.6825, 1.6810 GU short levels: 1.7178, 1.7365, 1.7910, 1.8000
Posted at 07.46 am EST
EU: Weekly- the candle is a below average spread (115pips) bear closing near the low on low volu>1day. The candle close and volume suggests more downside. The Daily candle is a small spread (26pips) bear closing off the low on low vol<27days. The candle close and volume suggests a slowing down of selling but more downside can be expected. Levels of interest: Demand: short-term 1.3500, 1.3475, Daily/Weekly: 1.3330, 1.3300, 1.3294 Supply: short-term: 1.3730, 1.3800, 1.3900 Weekly/Daily: 1.4184, 1.4246 pivot. Goldman Sachs expectation of the FED to increase rates in Q3 2015 instead of Q1 2016 will create sentiment favourable to the USD but in the same breath, the also said that interest rates will likely remain low. As the FOMC minutes are due this Wed, SM is likely to position price prior to the release. SM is likely to maintain buying pressure to fade weak shorts to the 1.3620 level or perhaps to the 1.3640/50 level before reversing back downwards to test the 1.3500 level.
EU long levels: 1.3500, 1.3476, 1.3399, 1.3294 EU short levels: 1.3620, 1.3646, 1.3670, 1.3730, 1.3800, 1.3900
GU: Weekly- the candle is a average spread (165pips) bull closing near the high on low vol<9weeks. The candle close and volume suggests more upside. The Daily candle is a small spread (48pips) bull "near doji" closing on low vol<28days. The candle close and volume suggests more upside and a bear trap in place. Levels of interest: Supply short-term- 1.7076 (yesterday high) Weekly/Daily supply level: 1.7365, 1.7910, 1.800 Demand: short-term- 1.7100, 1.7050, 1.6995, 1.6972, 1.6952, 1.6920, 1.6850, 1.6835 SM is likely to maintain selling pressure to test the 1.7098 level or lower before resuming the upward movement.
GU long levels: 1.7100, 1.7050, 1.6995, 1.6970, 1.6952, 1.6930, 1.6920, 1.6850, 1.6835, 1.6825, 1.6810 GU short levels: 1.7178, 1.7365, 1.7910, 1.8000
Posted at 07.46 am EST
Friday 4 July 2014
Thursday 3 July 2014
DAILY REVIEW 3 July 2014
EU: The Daily candle is a small spread (41pips) bear closing 1/2 off the low on low vol<3days. The candle close and volume suggests a slowing down of selling although more downside can be expected. Unchanged Levels of interest: Demand: short-term 1.3646 (confluence H4/H4 ema200 1.3641 and Fib50% 1.3637), 1.3611, 1.3600 (confluence Fib78.6%), 1.3512, 1.3500, 1.3475, Daily/Weekly: 1.3330, 1.3300, 1.3294 Supply: short-term: 1.3730, 1.3800, 1.3900 Weekly/Daily: 1.4184, 1.4246 pivot. With the slew of Euro news and US news out today, it is likely that SM will push prices to extremes after the very low volumes and range the prior week. SM is likely to maintain selling pressure to the 1.3646 level or lower before reversing back upwards.
EU long levels: 1.3635, 1.3611, 1.3600, 1.3563, 1.3535, 1.3500, 1.3476, 1.3399, 1.3294 EU short levels: 1.3730, 1.3800, 1.3900
GU: The Daily candle is a small spread (37pips) bull closing off the high on low vol<2days. The candle close and volume suggests more lack of buying pressure. Levels of interest: Supply short-term- 1.7076 (yesterday's high) Weekly/Daily supply level: 1.7365, 1.7910, 1.800 Demand: short-term- 1.7100, 1.7050, 1.6995, 1.6972, 1.6952, 1.6920, 1.6850, 1.6835 SM has maintained the buying pressure throughout yesterday and spiked higher on the UK construction data, with more news today, SM is likely to either test yesterday's high and retrace to reload inventory or push down on news for the reload. With supply levels some distance away, they may push lower before resuming the upward movement.
GU long levels: 1.7100, 1.7050, 1.6995, 1.6970, 1.6952, 1.6930, 1.6920, 1.6850, 1.6835, 1.6825, 1.6810 GU short levels: 1.7076, 1.7365, 1.7910, 1.8000
Posted at 02.37 am EST
EU: The Daily candle is a small spread (41pips) bear closing 1/2 off the low on low vol<3days. The candle close and volume suggests a slowing down of selling although more downside can be expected. Unchanged Levels of interest: Demand: short-term 1.3646 (confluence H4/H4 ema200 1.3641 and Fib50% 1.3637), 1.3611, 1.3600 (confluence Fib78.6%), 1.3512, 1.3500, 1.3475, Daily/Weekly: 1.3330, 1.3300, 1.3294 Supply: short-term: 1.3730, 1.3800, 1.3900 Weekly/Daily: 1.4184, 1.4246 pivot. With the slew of Euro news and US news out today, it is likely that SM will push prices to extremes after the very low volumes and range the prior week. SM is likely to maintain selling pressure to the 1.3646 level or lower before reversing back upwards.
EU long levels: 1.3635, 1.3611, 1.3600, 1.3563, 1.3535, 1.3500, 1.3476, 1.3399, 1.3294 EU short levels: 1.3730, 1.3800, 1.3900
GU: The Daily candle is a small spread (37pips) bull closing off the high on low vol<2days. The candle close and volume suggests more lack of buying pressure. Levels of interest: Supply short-term- 1.7076 (yesterday's high) Weekly/Daily supply level: 1.7365, 1.7910, 1.800 Demand: short-term- 1.7100, 1.7050, 1.6995, 1.6972, 1.6952, 1.6920, 1.6850, 1.6835 SM has maintained the buying pressure throughout yesterday and spiked higher on the UK construction data, with more news today, SM is likely to either test yesterday's high and retrace to reload inventory or push down on news for the reload. With supply levels some distance away, they may push lower before resuming the upward movement.
GU long levels: 1.7100, 1.7050, 1.6995, 1.6970, 1.6952, 1.6930, 1.6920, 1.6850, 1.6835, 1.6825, 1.6810 GU short levels: 1.7076, 1.7365, 1.7910, 1.8000
Posted at 02.37 am EST
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