DAILY REVIEW 05 Dec 2013
EU: The Daily candle is a near-normal spread (77pips) bull small-bodied hammer closing off the high on high vol>10days. In the context of the TR, the candle close and volume suggests further upside. Levels of interest:  Daily Fib 61.8% @ 1.3622 Previous breakout level 1.3660 Daily Fib 78.6% @ 1.3715 confluence with H4 breakout level 1.3735, Daily Fib88.6% @ 1.3770 confluence with H4 supply level 1.3771 – 1.3790 After reversing price up on Tue, SM used news to sweep out weak longs again yesterday suggesting a stocking of inventory for an coming upward push. The Asian range is 1.3579 – 1.3638 currently. The daily hammer candle is likely displayed to seduce more short orders that will have stops placed above the current TR high 1.3621. SM will likely create buying pressure to test the 1.3660 breakout level and reverse to remove weak longs before reversing around the 1.3600 – 1.3590 level before reversing upwards to test 1.3660 (updated, corrected the error earlier) and higher.
EU long levels:  1.3600, 1.3590, 1.3558 EU short levels:  1.3660, 1.3700, 1.3723, 1.3780 


GU: The Daily candle is a near-normal spread (81pips) bear small-bodied hammer closing on high vol>10days. The candle close and volume suggests selling into the candle but in the context of the weekly price action and current TR 1.6313 – 1.6441, it would suggest a reset of buying for more upside. 
The Asian range is 1.6368 – 1.6397 currently. SM retests the Asia low or lower around 1.6346 before reversing up test the 1.6441 supply and higher . 
GU long levels:  1.6367, 1.6346, 1.6320, 1.6300, 1.6276, 1.6240, 1.6209 GU short levels: 1.6441, 1.6452, 1.6527, 1.6570, 1.6620