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