The fact that we are closing above previous resistance at 1.6650 is another technically bullish indicator, after the 61.8% retracement held at 1.6470. Overall the bullish bias is threatening to return but I think we may get a few more days of range trading before any big moves eventuate.

Resistance is at another daily high near 1.6715 and I’d look for support to develop near the 55-dma at 1.6565. Play the edges of this range with a mild bullish bias.