FX Indices Review for Week 02/07/12

This a much shorter version of my usual update as we are heading away today.

USDX:
Monthly chart

 Weekly chart

Daily chart

4hr chart

EURX
Monthly chart

 Weekly chart

Daily chart

4hr chart

Thoughts:

I will look for 'risk on' trades if:

• the USDX holds below the 81.5 area. This is the area of the monthly pivot, 4hr 200 EMA and a major previous S/R level AND
• if the EURX holds above 100.5 area. This is also the monthly pivot, 4hr 200 EMA and a previous strong S/R level.

I will look for 'risk off' trades if:

• the USDX breaks back above the 81.5 area AND
• if the EURX breaks below the 100.5 area.