DAILY REVIEW 26 September 2014

EU Analysis:

EU: Daily- The daily candle is a normal spread (86pips) bear closing 2/3 off the low on high vol>3days. The candle close and volume suggests a slowing of selling momentum. Levels of interest: Demand: Daily/Weekly: 1.2695, 1.2661 Supply: short-term: 1.2785, 1.2800, 1.2900, 1.2925, 1.2952, 1.3000, 1.3025, 1.3050 Weekly/Daily: 1.4184, 1.4246 pivot. SM held prices above the 1.2700 key level already and is likely to fade weak shorts to around yesterday's Asia High or higher to the 1.2800 level before reversing to continue the downward momentum to test the 1.2661 level where it is a potential level to take profit and reverse the direction. 

EU long levels: 1.2695, 1.2661  
EU short levels: 1.2782, 1.2800 

GU Analysis 

GU: The candle is a below-average spread (65pips) bear closing 1/2 above the low on low vol>3days. The candle close and volume suggests a lack of selling 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 Nothing has changed since yesterday when I wrote "There really is no clear level to trade from at the moment and the only places I would look for a trade would be the pivot high at 1.6523 and pivot low at 1.6161" For traders looking to trade within the range, read yesterday's review of how you can use the TDI and volume to take the trade.

GU long levels: 1.6161, 1.6050, 1.5870 
GU short levels: 1.6523, 1.6585, 1.6600, 1.6622 

Posted at 03.36 am EST