DAILY REVIEW 23 Jan 2014
EU: The Daily candle is a small spread (48pips) bear body spinning top closing about 1/3 off the low on low vol<1day. The candle close and volume suggests no selling interest however price tested and has been holding at the daily trendline @ 1.3507which is also about a short term demand level since Monday.  No change in Levels of interest: Current H1 swing high 1.3648, Key level 1.3500 Short-term demand 1.3513, 1.3491, 1.3450 Short-term supply: 1.3640 (confluence with H4 ema200 @ 1.3635) H1 Fib 61.8% @ 1.3605 (confluence H1 ema200 @ 1.3600)  The Asian range is 1.3529 – 1.3556. SM is likely to create buying pressure to test the 1.3600 level or higher before reversing to test yesterday’s low or stop hunt below the key level 1.3500. A H1 close below 1.3500 may mean more downside.  
EU long levels:  1.3507, 1.3490, 1.3450, 1.3405EU short levels: 1.3567, 1.3605, 1.3640, 1.3684, 1.3818