Bias: While 0.6415-25 caps I look for losses back to 0.6330-58 and later to 0.6227-47
Price appears to have fallen into a sideways trading pattern which I suspect to be a triangle. This should imply that a cap should be seen around 0.6415-25 and cause losses back within range. Thus any stronger bullish stance is going to need a break above 0.6430 and if seen would generate follow-through to 0.6474-97. Take care here as this could cause a pullback. Direct breach extends gains to 0.6529-34 and at most 0.6589.
18th February: We can lower the reversal area all the way down to 0.6435 aggressively but even then any breach still sees resistance at 0.6534 and max 0.6589. Thus the larger picture will require breach of 0.6600 to generate meaningful gains.
No break lower yesterday and while I expect losses today we may just see the range persist. There is resistance at 0.6415-25 and this must cap while the downside can resume. From this area a break back below 0.6395 would assist and cause losses to around 0.6358. At first this should hold for one final recovery that should remain below 0.6400 and then a subsequent break below 0.6330 would allow losses to resume in a stronger manner to 0.6247-57 and probably 0.6227 where I expect a correction to develop.
17th February: The downtrend appears to be resuming with stalling points at 0.6385-09, 0.6359 and 0.6227-57 en route the 0.6006 low.
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