DAILY REVIEW 23 September 2014

EU Analysis:

EU: Daily- The daily candle is a small spread (51pips) bull spinning top closing on low vol<4days. The candle close and volume suggests a lack of selling pressure. Levels of interest: Demand: Daily/Weekly: 1.2777, 1.2754, 1.2661 Supply: short-term: 1.2900, 1.2925, 1.2952, 1.3000, 1.3025, 1.3050 Weekly/Daily: 1.4184, 1.4246 pivot. Without any significant news yesterday, prices hardly moved and there is no perceivable change in where the orders may be stacked although SM pushed prices lower making a new low at 1.2815 SM is likely to fade weak shorts to around 1.2900 or perhaps to 1.2955 before reversing to continue the downward move to 1.2777 

EU long levels: 1.2777, 1.2754, 1.2661  
EU short levels: 1.2900, 1.2925, 1.2952, 1.3000, 1.3025, 1.3050 

GU Analysis 

GU: Weekly- The daily candle is a below average spread (80pips0 bull closing near the high on low vol<4days. The candle close and volume suggests more upside but a slowing of buying pressure. Demand: Weekly/Daily:  1.5870, 1.5850 Short term: 1.6248, 1.6058 Supply: Short term: 1.6620, 1.6185, 1.6230 (Gap), 1.6320 (Gap close) Supply Short Term: 1.6390, 1.6475, 1.6505, 1.6550, 1.6585, 1.6600, 1.6622 The potential order levels are really not clear although SM has been fading weak shorts as expected. The clearest is still if they trap long breakouts at the pivot 1.6490 but they could reverse once they have sufficient orders. SM is likely to continue to fade weak shorts to around 1.6390 or higher before reversing to resume the downtrend to test the current 1.6050 low. 

GU long levels: 1.6242, 1.6050, 1.5870 
GU short levels: 1.6390, 1.6475, 1.6505,1.6550, 1.6585, 1.6600, 1.6622 

Posted at 02.18 am EST