DAILY REVIEW 10 March 2015

EU Analysis:

EU: Perspective: Price has closed below the 1.1000 key level and does not have any significant demand level till the 1.0762 pivot potential demand level. Bias is still strongly down. Possible retracement short levels will be around the new breakout levels. 
Monthly- The candle is a below average spread (351pips) bear closing at the low on very high vol<2months. The candle close and volume suggests more downside.

Week- The candle is a large spread (401pips) bear closing at the low on low vol>2weeks. The candle close and volume suggests more downside.

Daily- The candle is a below average spread (83pips) bull closing 1/2 off the high on low vol<3days. The candle close and volume show no buying pressure, more downside can be expected.   
Levels of interest: Demand: Daily/Weekly:  1.0762  

Background: Fundamentals for the Euro remain weak with the meeting on Greece closing without a joint statement. Euro uncertainty further weakens the Euro against just about every other currency.

The Oanda order book shows no significant trapped volumes as the majority of trapped longs have been removed. New long stops are likely from new long entries on speculators chasing price.
Potential Fresh demand: no significant volume seen at current levels
Potential fresh supply: no significant levels, 1.090, 1.0950, 1.1000, 1.1100, 1.1200, 1.1300, 1.1400
Trapped long (stop) orders: 1.0786-1.0745, 1.0705-1.0695
Trapped short (stop) orders: no significant levels, 1.090-1.0920, 1.0940-1.0950, 1.1000, 1.1100

SM is likely to maintain selling pressure to test the monthly pivot 1.0762. A break and hold below this level will expose the 1.0500 key level which is near another month low.  

EU long levels:1.0820, 1.0762

EU short levels: 1.0900, 1.0975, 1.1100, 1.1020, 1.1155, 1.1250, 1.1300, 1.1450, 1.1500, 1.1533, 1.1560, 1.1600, 1.1630, 1.1678


GU Analysis:

GU: Perspective: GU is still likely headed to test the 1.4812 pivot which is a potential corrective reversal level. Currently price is headed toward the 1.4850 monthly pivot which is also a possible level of support/demand.
Month- The candle is an above average spread (564pips) bull closing off the high on low vol<5weeks. The candle close and volume suggests more upside. 
Week- The candle is a large spread (396pips) bear closing at the low on low vol>1week. The candle close and volume suggests more downside. 

Day- The candle is a normal spread (107pips) bull closing near the high on low vol<3days. The candle close and volume show no buying pressure.

Demand: Weekly/Daily:  1.4870 - 1.4812, 1.4229 Supply: Short term: 1.5574, 1.5600, 1.5619 

GU as with many other pairs was pushed lower by the strong US Dollar following the NFP data release on Friday. SM faded weak shorts yesterday to 1.5131. The Oanda order book does have more trapped short traders at this time. 

Potential demand stacks: 1.5000-1.4980
Potential supply stacks: no significant levels, 1.5192-1.5220,1.5295-1.5305, 1.5310-1.5337,
Potential short (trapped) stops: no significant levels, 1.5131-1.5150, 1.5185-1.5200, 1.5260-1.5275, 1.5290-1.5305
Potential long stops: no significant levels, 1.5020-1.5000, 1.4905-1.4935
SM is likely to retest yesterday's high at 1.5136 level or higher before reversing to fade test the current low at 1.5028.

GU long levels: 1.5020, 1.5000, 1.4988, 1.4950, 1.4938, 1.4930, 1.4870, 1.4812 

GU short levels:  1.5136, 1.5150, 1.5200, 1.5225, 1.5280, 1.5305, 1.5320, 1.5400, 1.5420, 1.5457, 1.5500

Posted at 1.53 am EST