DAILY REVIEW 17 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 (444pips) bear closing at the low on high vol>4weeks. The candle close and volume suggests more downside.

Daily- The candle is a large spread (149pips) bull closing about 1/3 off the high on low vol<4days. The candle close and volume suggests more upside.  
Levels of interest: Demand: Daily/Weekly:  1.0000  

Background: Fundamentals for the Euro remain weak with the Greece issue remaining unresolved. US Dollar strength continues ahead of the US FOMC interest rate decision this week.

The Oanda order book shows more trapped short volumes. 
Potential Fresh demand: 1.0550-1.0538, 1.0515-1.0530, 1.0465-1.0430, 1.0400, 1.0000
Potential fresh supply: no significant levels, 1.0690-1.0700,1.0800
Trapped long (stop) orders: 1.0455-1.0430, 1.0400-1.0390
Trapped short (stop) orders: 1.0615-1.0625, 1.0642-1.0655, 1.0672-1.0685, 1.0690-1.0705,1.0716-1.0730, 1.0740-1.0750, 1.0800

SM is likely to test yesterday's high 1.0618 or higher before reversing to test last Friday's low at 1.0461. 

EU long levels:1.0550-1.0530, 1.0500-1.0496, 1.0490-1.0480, 1.0000

EU short levels: 1.0618, 1.0645,  1.0683, 1.0695-1.0705, 1.0740-1.0760, 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 has closed strongly past the monthly 1.4812 pivot and broken the 1.4700 key level, headed toward  the next monthly pivot 1.4225 monthly pivot which is the next 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 (438pips) bear closing off the low on low vol>5weeks. The candle close and volume suggests more downside. 

Day- The candle is a large spread (123pips) bull closing just off the high on low vol<4days. The candle close and volume suggests more upside.

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

The British pound remains under pressure from US Dollar strength and overall risk aversion in the Eurozone.  The Oanda order book reveals significantly more trapped short volume. 

Potential demand stacks: 1.4700-1.4693 (not really significant volume)
Potential supply stacks: 1.4840-1.4860, 1.4890-1.4920, 1.5020-1.5033, 1.5094-1.5105, 1.5192-1.5220
Potential short (trapped) stops: 1.4850-1.4870, 1.4890-1.4912, 1.4920-1.4930, 1.4995-1.5013
Potential long stops: 1.4690-1.4670
SM is likely to maintain buying pressure to fade weak shorts to yesterday's high 1.4852 or higher before reversing to resume the downtrend.  

GU long levels: 1.4800-1.4785, 1.4700

GU short levels:  1.4852, 1.4887-1.4910, 1.4920-1.4930, 1.4967, 1.5020, 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 03.14 am EST