DAILY REVIEW 5 August 2014

EU: The Daily candle is a small spread (23pips) bear closing about 1/2 off the low on low vol<4days. The candle close and volume suggests more downside. Levels of interest: Demand: short-term 1.3366 Daily/Weekly: 1.3330, 1.3300, 1.3294 Supply: short-term: 1.3440, 1.3485, 1.3500, 1.3547, 1.3573, 1.3600, 1.3730, 1.3800, 1.3900 Weekly/Daily: 1.4184, 1.4246 pivot. Prices hardly moved during Asia and are now dropping in London. SM is likely to continue selling pressure to test last week's low at 1.3366 or lower.

EU long levels: 1.3366, 1.3294  
EU short levels: 1.3440, 1.3485, 1.3500, 1.3547, 1.3600, 1.3646, 1.3670, 1.3730, 1.3800, 1.3900

GU: The Daily candle is a below average spread (51pips) bull closing just off the high on low vol<4days. The candle close suggests more upside and volume suggests more no buying pressure. Levels of interest: Supply short-term- 1.6895, 1.6922, 1.6950, 1.6980, 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-  1.6800 (confluence Fib 78.6%) Daily- 1.6780, 1.6741 (confluence Fib 88.6%), 1.6720, 1.6700, 1.6692 SM is likely to maintain buying pressure to the 1.6895 level or higher to 1.6922 level before reversing back downwards.  

GU long levels: 1.6800, 1.6780, 1.6741, 1.6720, 1.6700, 1.6692 
GU short levels: 1.6895, 1.6922, 1.6950, 1.6980, 1.7016, 1.7042, 1.7120, 1.7145, 1.7170, 1.7192, 1.7365, 1.7910, 1.8000

Posted at 05.13 am EST