DAILY REVIEW 7 Jan 2014
EU: Weekly –The Daily candle is a near-normal spread (82pips) bull spinning top closing on high vol<2days. The candle close and volume suggests no selling pressure. Levels of interest: Current swing high 1.3892, Daily/Weekly 61.8%Fib @ 1.3522, 78.6%Fib @ 1.3422, weekly supply approx 1.4200 – 1.4250 H4 ema200 @ 1.3657. The Asian range is 1.3609 – 1.3634 Not much has changed since yesterday as prices are still within the current TR of 1.3570 – 1.3675 SM is likely to continue the selling pressure to test the1.3600 key level and maybe take stops below it before reversing back upwards. A H1 close below 1.3600 may lead to more downside.
EU long levels: 1.3592, 1.3575, 1.3520 EU short levels: 1.3652, 1.3675, 1.3818, 1.3892

GU: The Daily candle is a normal spread (96pips) bear spinning top closing on high vol<2days. The candle close and volume suggests the lack of selling interest and/or some buying interest. Levels of interest: Daily supply levels 1.6720, 1.6750 Daily demand levels approximately 1.6220 – 1.6215 Daily 88.6%Fib @ 1.6259 78.6%Fib @ 1.6297 The Asian range is 1.6386 – 1.6418 SM is likely to maintain selling pressure and test the previous NY session low or lower before reversing back upwards. 
GU long levels:  1.6370, 1.6347, 1.6315, 1.6300, 1.6260, 1.6220 GU short levels:  1.6432, 1.6441, 1.6470, 1.6500, 1.6525, 1.6617, 1.6720, 1.6750