DAILY REVIEW 3 Jan 2014
EU: The Daily candle is a large spread (146pips) bear closing about 1/4 off the low on high vol>8days. The candle close and volume suggests buying activity as price reached towards the swing low of 1.3624. Levels of interest: Current swing high 1.3892, weekly supply approx 1.4200 – 1.4250 Upper TR 1.3624 – 1.3817 Lower TR 1.3398 – 1.3624 The TRs are approximations at best as they were not formed on significant volumes. The Asian range is 1.3648 – 1.3672 currently. SM is likely to continue the selling pressure to test yesterday’s low of 1.3629 and maybe make a final push to take stops at the 1.3600 key level before reversing back upwards. 
EU long levels: 1.3620, 1.3600 EU short levels: 1.3818, 1.3892

GU: The Daily candle is a large spread (193pips) bear closing off the low on high vol>8days. The candle close and volume suggests more downside. Levels of interest: Daily supply levels 1.6720, 1.6750 The Asian range is 1.6421 – 1.6457. SM is likely to maintain selling pressure and test yesterday’s low of 1.6409 and maybe even 1.6400 key level before reversing back upwards to fade the weak shorts and reverse back down again at the 1.6500 – 1.6525 level. 
GU long levels:  1.6410, 1.6400, 1.6320, 1.6270 GU short levels: 1.6500, 1.6525, 1.6617, 1.6720, 1.6750

I’m not going to say to be careful with taking trades as that is what we must always do but just be mindful that the market is still thin as I believe the majority of traders will be back next Monday.