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