DAILY REVIEW 9 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 an ultralarge spread (193pips) bear closing at the low on high vol>9days. The candle close and volume suggests more downside.    
Levels of interest: Demand: Daily/Weekly:  1.0762  

Background: Fundamentals for the Euro remain weak with Greece still very much on the radar. The US NFP data release wasn't really that fantastic when considering the revisions and soft wage growth but the market needed any catalyst to buy US Dollars and so US Dollars it bought pushing the EU down to new lows.

The Oanda order book shows overall more volume of trapped long positions with price closer to the lower order stacks.
Potential Fresh demand: 1.0820-1.0811, 1.0800
Potential fresh supply: no significant levels, 1.090, 1.0950, 1.1000, 1.1100, 1.1200, 1.1300, 1.1400
Trapped long (stop) orders: 1.0820-1.0790
Trapped short (stop) orders: no significant levels, 1.1000, 1.1100

SM is likely to maintain selling pressure to test the low of 1.0821 or lower and then retrace to 1.0900 or higher fading weak shorts before reversing to continue the downtrend.  

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 ultralarge spread (223pips) bear closing at the low on high vol>9days. 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 as with many other pairs was pushed lower by the strong US Dollar following the NFP data release on Friday. Price opened and made a new low of 1.5028 but is now retracing upwards. The Oanda order book has no clear bias regarding direction of trapped traders at this time. 

Potential demand stacks: 1.5000-1.4990
Potential supply stacks: no significant levels, 1.5295-1.5305
Potential short (trapped) stops: no significant levels, 1.5190
Potential long stops: no significant levels
SM is likely to retest the low at 1.5028 level or lower before reversing upward to fade weak shorts.

GU long levels: 1.5120, 1.5000, 1.4988, 1.4950, 1.4938, 1.4930, 1.4870, 1.4812 

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

Posted at 1.46 am EST