DAILY REVIEW 12 March 2015

EU Analysis:

EU: Perspective: Price has tested and broken through the 1.0500 which is simply a monthly low and psychological level with the next pyschological level at 1.0000 and the 0.9900 level being the breakout retest of a reaccumulation structure. 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 an ultra large spread (205pips) bear closing at the low on very high vol>23days. The candle close and volume suggests more downside.   
Levels of interest: Demand: Daily/Weekly:  1.0000  

Background: Fundamentals for the Euro remain weak with the Greece resulting in continuing risk-aversion flows out of the Euro.

The Oanda order book shows more trapped short volumes as the majority of trapped longs have been removed with no clear demand levels to be seen for some distance. Meaning that there could be a potential short fade move soon but even so, the bias remains pretty much short. 
Potential Fresh demand: no significant volume seen at current levels, next level of interest 1.0000
Potential fresh supply: no significant levels, 1.0600, 1.0700,1.0725-1.0740, 1.0750-1.0762, 1.0895-1.0905, 1.0950, 1.1000, 1.1100, 1.1200, 1.1300, 1.1400
Trapped long (stop) orders: no clear stacks
Trapped short (stop) orders: no significant levels, 1.0560-1.0575, 1.0590-1.0600, 1.0700,1.090-1.0920, 1.0940-1.0950, 1.1000, 1.1100

SM is likely to fade weak shorts to Asia high 1.0555 or higher before resuming the downtrend.   

EU long levels:1.0496, 1.0000

EU short levels: 1.0555, 1.0600,  1.0800, 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 ultralarge (203pips) bear closing off the low on ultrahigh vol>29days. The candle close and volume suggests more downside.

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

GU finally tanked 203pips yesterday and is currently retracing to fade weak shorts. The Oanda order book reveals more trapped short traders at this time. 

Potential demand stacks: 1.5000-1.4980
Potential supply stacks: no significant levels, 1.5000-1.5010, 1.5020-1.5033, 1.5094-1.5105, 1.5192-1.5220
Potential short (trapped) stops: no significant levels, 1.4935-1.4977, 1.5090-1.5110, 1.5190-1.5205
Potential long stops: 1.4886 and lower
SM is likely to fade weak shorts to 1.4965 or higher before reversing to test the current low at 1.4918. 

GU long levels: 1.5050, 1.5020, 1.5000, 1.4988, 1.4950, 1.4938, 1.4930, 1.4870, 1.4812 

GU short levels:  1.5100, 1.5136, 1.5150, 1.5200, 1.5225, 1.5280, 1.5305, 1.5320, 1.5400, 1.5420, 1.5457, 1.5500

Posted at 02.00 am EST