DAILY REVIEW 3 July 2014
EU: The Daily candle is a small spread (41pips) bear closing 1/2 off the low on low vol<3days. The candle close and volume suggests a slowing down of selling although more downside can be expected. Unchanged Levels of interest: Demand: short-term 1.3646 (confluence H4/H4 ema200 1.3641 and Fib50% 1.3637), 1.3611, 1.3600 (confluence Fib78.6%), 1.3512, 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. With the slew of Euro news and US news out today, it is likely that SM will push prices to extremes after the very low volumes and range the prior week. SM is likely to maintain selling pressure to the 1.3646 level or lower before reversing back upwards.

EU long levels: 1.3635, 1.3611, 1.3600, 1.3563, 1.3535, 1.3500, 1.3476, 1.3399, 1.3294  EU short levels: 1.3730, 1.3800, 1.3900

GU: The Daily candle is a small spread (37pips) bull closing off the high on low vol<2days. The candle close and volume suggests more lack of buying pressure. Levels of interest: Supply short-term- 1.7076 (yesterday's high) Weekly/Daily supply level: 1.7365, 1.7910, 1.800 Demand:  short-term- 1.7100, 1.7050, 1.6995, 1.6972, 1.6952, 1.6920, 1.6850, 1.6835  SM has maintained the buying pressure throughout yesterday and spiked higher on the UK construction data, with more news today, SM is likely to either test yesterday's high and retrace to reload inventory or push down on news for the reload. With supply levels some distance away, they may push lower before resuming the upward movement.

GU long levels: 1.7100, 1.7050, 1.6995, 1.6970, 1.6952, 1.6930, 1.6920, 1.6850, 1.6835, 1.6825, 1.6810 GU short levels: 1.7076, 1.7365, 1.7910, 1.8000

Posted at 02.37 am EST