7 October 2014

This week, there will be FOMC meeting minutes on Wednesday (8th Wednesday) and BOE cash rate decision on Thursday (9th October).

EU bounced back sharply to the high of 1.2675 from W M2 1.2507, stalls at W R1 1.2652. Bottom may have formed. No bias. Sell the rallies.
Daily - Previous day candle closed with a big bullish candle, above 8 lwma, RSI above 30. Past 2 daily candles form a big doji with long wick at bottom.
H4 - Higher low, above 8 lwma, RSI above 50, above signal. W R2 1.2790, W P 1.2576.

GU also bounced back sharply to the high of 1.6100 before retreats to below W P 1.6068. No bias. Sell the rallies.
Daily - Previous day candle closed with a big bullish candle, below 8 lwma, below 200 EMA, RSI above 30. Yesterday bullish divergence played out.
H4 - Higher low, above 8 lwma, RSI above 30, approaching 50 ema. W M3 1.6126, W R1 1.6185.