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