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