5:20a GMT - No signal today as banks in the US are closed for Martin Luther King day. Here is a quick description from Wikipedia on the holiday:

Martin Luther King Jr. Day is a United States holiday marking the birthdate of Rev. Dr. Martin Luther King, Jr., observed on the third Monday of January each year, around the time of King's birthday, January 15. It is one of four United States federal holidays to commemorate an individual person. King was the chief spokesman for nonviolent activism in the civil rights movement, which successfully protested racial discrimination in federal and state law. He was assassinated in 1968.

Not many trades last week as the markets are going through their early-year looking-for-direction routine, though the two that were entered for the signals (Thursday and Friday) were profitable.

Daily Outlook: I'm not trading today but for those interested I expect 1.4400 to provide an interesting resistance/support level. Mid-term trend is up right now (part of a bearish consolidation pattern on the daily chart which ultimately looks bearish) and we are bouncing off that rising trend support at the moment (lower blue line on graph below). If 1.4400 holds I would look for a re-challenge of that rising support and possibly a break. On a break to the upside of 1.4400 then 1.4450 immediately comes into play with 1.4485 after that. Of course bullish candlesticks near the rising trend support (currently around 1.4300) will also be strongly considered and may bring me out of the holiday :).

P.S. There was a bearish shooting star on the 1-hour charts last hour as the pair bounced off of 23.6% retracement from recent fall. View all candlestick alerts here.

Trading Idea: Relax and Happy Holiday!

(click to enlarge)
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