Bias: There can still be some short term volatility but while 1.5613 supports I feel we should see a return to 1.5846
Price has remained in a range and I feel this will break higher. However, given the resemblance to a triangle just take care and wait for the 1.5710-18 area to break. Once this breaks we should see stronger follow-through above the 1.5735 and 1.5763 highs and then to 1.5801 at least and I favor the 1.5846 area as the final stalling point. Watch this area for a bearish trade set up.
16th February: The continued sideways trading range needs to break above 1.5710-18 and then 1.5763 to extend gains to 1.5801 and most likely the 1.5846 target. This should hold. Also note minor resistance at 1.5887-16 and stronger at 1.5996.
No breaks lower and thus we should still treat this as a sideways consolidation. If it breaks higher then I feel we'll find a better selling area around 1.5846. Only an earlier break below 1.5649-70 would extend to around 1.5613. If this occurs directly take care as it could still hold within the consolidation. Thus, only below here would extend losses back to the 1.5535 low. Below there is some support at 1.5444-79 - it's worth take care here. Breach would then look pretty bearish.
16th February: Either wait for the 1.5846 area to consider selling opportunities or a direct break below 1.5610 & 1.5535 which would extend losses through 1.5444-79, 1.5390-10 and 1.5303.
For access to my daily support & resistance levels please see the Daily Forecast page of my web site
For a full description of how to use the analysis please see the Analysis page of my website. The prior day's set ups for potential trading levels highlighted in the report are available on the Daily Forecast page of my web site in the Trader Package review.