EUR/USD Weekly Analysis 6th January 2014

Eur is looking weak across all pairs. Although this pair has not broken last Low of 1.33700 yet. I'm bearish on this pair for below reasons.

Pair couldn't break past monthly resistance level @ 1.38.
Double top is created on weekly chart at 1.38 level.
Bearish breakout bar of last week clearly indicates change in direction. You can see same bearish breakout bar on EUR/GBP, EUR/AUD, EUR/NZD, EUR/CAD.

Although I'm long on this pair from 1.36100 level. I will be looking to close my longs at 1.36700 and enter short at same level for a target of 1.33800.

CAD/JPY

CAD/JPY: This pair is looking more bullish after rejection of 161.8 of Monthly Bull FIB.
The pair is likely to reach its 2nd Target of 261.8 Bull FIB at 105.

This pair has completed Break, retest and Rejection sequence of below levels which adds Confluence to its bullish Bias.

92.700
97.600

Monthly Stochastics are bullish.

Daily has created Bullish Pin Bar rejecting 21 EMA. However the pair will touch 97.400 level to hunt stops before resuming its uptrend.

I will be placing 2 pending Buy Limit orders at 30% and 70% retracement of Friday's Bullish Pin Bar.

Targets for this pair are as follows
100
105
110

Update : 7th January 2014. Price went against my initial expectation. I had placed buystop at 98.900 which didnt trigger and saved me from Drawdown trade. Price is likely to touch 94.700 level now.