It looks like the daily chart is may try to form a wedge pattern which should give us a few more days range trading before a decisive break leads to a significant move. The medium term trend is still bullish and the trend line support is now close to the recent 1.5980 low. The imminent bullish cross of the 100/200 day MAs should be a technically bullish event were it not for the overbought nature of the market. The short term outlook is slightly bearish in that the 5/15 day MAs are in bearish mode and the market is still quite overbought with the 200-day MA 10 big figures lower. Playing the edges of a 1.5980/1.6380 short term range makes sense until the decisive break happens.