DAILY REVIEW 24 September 2014

EU Analysis:

EU: Daily- The daily candle is a below average spread (58pips) near-doji pseudo-upthrust on low vol>1day. The candle close and volume suggests more downside. 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. SM pushed prices to test the 1.200 key level yesterday but overall price movement was small and limited and the orders remain pretty much the same. With this in view, SM is likely to retest yesterday's high 1.2900 or perhaps even up 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: The daily candle is a normal spread (112pips) bull hammer closing on low vol>1day. The candle close and volume suggests a lack of buying pressure. Demand: Weekly/Daily:  1.5870, 1.5850 Short term: 1.6350, 1.6320, 1.6248, 1.6058 Supply: Short term: 1.6620, 1.6185, 1.6230 (Gap), 1.6320 (Gap close) Supply Short Term: 1.6415, 1.6475, 1.6505, 1.6550, 1.6585, 1.6600, 1.6622 Even though SM pushed prices to 1.6415 yesterday, the potential order levels are still unclear although SM has been continuing to fade weak shorts as expected. Possibly we can only be sure of their intent when they trap long breakouts at the pivot 1.6523 (I made an error yesterday) However they could reverse downward once they have sufficient orders. SM is likely to continue to retest yesterday's high of 1.6415 or higher before reversing to resume the downtrend to test the current 1.6050 low. 

GU long levels: 1.6350, 1.6320, 1.6242, 1.6050, 1.5870 
GU short levels: 1.6415, 1.6475, 1.6505,1.6550, 1.6585, 1.6600, 1.6622 

Posted at 04.18 am EST