DAILY REVIEW 28 Jan 2014
EUThe Daily candle is a below average spread (76pips) bear dragonfly doji-like candle on average vol<2days. The candle close suggests buying and volume suggests no selling pressure. The absorption volume that we saw last week on the H4 would also suggest the bullish continuation.
Unchanged Levels of interest: Current H1 swing high 1.3738 TR 1.3652 – 1.3738 Short-term demand 1.3513, 1.3491, 1.3450 Short-term supply: 1.3755 – 1.3797 (gap) H4 supply 1.3816 Current Daily: 1.3866 – 1.3892 (during stop hunt holiday period so I won’t put too much weight to this unless there is a clear change in sentiment) Daily Supply: 1.4150, 1.4170, 1.4225, 1.4242 Short term demand: 1.3625 – 1.3630, 1.3598 – 1.3610, 1.3575, 1.3535 – 1.3550 
The Asian range is 1.3662 – 1.33688 currently. SM has taken the key level shorts at 1.3715 level and are likely to create selling pressure fading weak longs to test the 1.3620 level or lower before reversing to test Friday’s high and breaking higher. A H1 close below 1.3500 may mean more downside but barring a tape bomb is unlikely.  
EU long levels:  1.3620, 1.3600, 1.3575, 1.3545 EU short levels: 1.3738, 1.3755, 1.3810 – 1.3820, 1.3866, 1.3892

GU: The Daily candle is a large spread (116pips) bull closing AT the high on average vol<2days. The candle close and volume suggests more downside. 
Levels of interest: 
Short-term supply level  1.6620 – 1.6636 (confluence:  Fib 78.6% @ 1.6626), 1.6650 – 1.6667 (Fib88.6% confluence @ 1.6645) TR 1.6473 – 1.6529 Short term demand 1.6440 – 1.6450 Demand: 1.6395 – 1.6410 (confluence H4 ema200 @ 1.6406) 
The Asian range is 1.6569 – 1.6624. SM reversed to remove weak shorts and are currently reversing to test the 1.6514 breakout level or lower before reversing upward. 
GU long levels:  1.6514, 1.6500, 1.6474, 1.6415, 1.6395, 1.6320, 1.6300, 1.6280 GU short levels:  1.6625, 1.6650, 1.6667

Posted at 5.17 am EST