Bias: Watch the 0.6450 area - if this breaks then we'll probably retest the 0.6352 low again
The trading range was broken but not convincingly and I feel the pullback from the 0.6580 high has been a little too deep for a bullish structure. Thus we should wait for confirmation of the upside. There is first resistance at 0.6530 and break above here would encourage. If seen then look for follow-through to the 0.6560 high and probable extension to 0.6614-23 and possibly as high as 0.6634-41. Overall I feel if seen it will cap for a correction. Next resistance is seen at 0.6673 and 0.6712.
5th February: Loss of 0.6420-40 dampens the immediate prospect of gains but while 0.6364-80 supports I feel we can see further sideways moves ahead of extension higher to 0.6649-69 and 0.6731-62 but may just holds there.
While gains have been positive the pullback from yesterday's high is a little deep for comfort. I therefore suspect we may see a recycling of the overall correction. This will be confirmed on a break of 0.6450-66 and if seen look for extension lower to 0.6406 at least. This may stall initially but overall the target should be back at the 0.6352 low but allow for 0.6326.
5th February: Overall I still feel the upside seems more vulnerable and thus we're going to require a break below 0.6336-52 to cause a potential test of the 0.6247 low and probably further.