DAILY REVIEW 9 Jan 2014
EU: The Daily candle is a near-normal spread (82pips) bear large body closing off the low on high vol>3days. The candle close and volume suggests possible demand coming in. Unchanged 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. TR in focus: 1.3552 – 1.3675 The Asian range is 1.3566 – 1.3621 Stronger US ADP  NFP yesterday caused prices to push way below the 1.3600 key level to 1.3552. SM has left prices pretty inside yesterday’s range and although a short is possible from yesterday’s high at 1.3634 or even 1.3650 (H1 ema200) with a good setup, a short setup is still preferred at the 1.3675 if SM wants to hold the TR for more downside. SM will continue the buying pressure to yesterday’s high or even to 1.3655 level to induce more shorts before reversing back downwards to around for the test of 1.3570 or lower. A H1 close below 1.3570 may lead to more downside.
EU long levels: 1.3565, 1.3520 EU short levels: 1.3650, 1.3675, 1.3818, 1.3892

GU: The Daily candle is a normal spread (95pips) bull closing off the high on high vol>1day. The candle close and volume suggests the more upside. Unchanged 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 1.6375 – 1.6419 currently. Although price has broken yesterday’s high, price action is still pretty much in yesterday’s range. SM is likely to maintain buying pressure to the 1.6500 key level and reverse to test yesterday’s Asia session high 1.6419 (breakout level, confluence with H1 ema200 @ 1.6427) before reversing back upwards. 
GU long levels: 1.6380, 1.6347, 1.6319, 1.6300, 1.6260, 1.6220 GU short levels:  1.6500, 1.6525, 1.6617, 1.6720, 1.6750

Posted EST 5.05 am