DAILY REVIEW 20 Dec 2013
EU: The Daily candle is a small spread (44pips) bear closing just off the low on average vol<1day. The candle close and volume suggests more downside. Levels of interest: Daily/Weekly swing high 1.3831 As expected, prices have started to compress as price pushed lower. Levels of interest: 1.3600 key level – this is the previous daily breakout level and must hold in order for price to continue upward. The Asian range is 1.3648 – 1.3666 currently. SM will likely maintain selling pressure to test the current low before reversing back upwards.
EU long levels: 1.3620, 1.3600 EU short levels: 1.3730, 1.3758, 1.3775, 1.3810, 1.3830, 1.3870

GU: The Daily candle is a below-average spread (62pips) bear hammer closing on vol<1day. The candle close and volume suggests more downside. Levels of interest: Breakout level 1.6480 The Asian range is 1.6329 – 1.6371 currently. Price is still well within the FOMC whipsaw range. SM is likely to maintain selling pressure to continue fading weak longs before reversing back upwards. 
GU long levels:  1.6320, 1.6270, 1.6225, 1.6196, 1.6150, 1.6132 GU short levels: 1.6380, 1.6420, 1.6455, 1.6480