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