The break back below the previously important 1.6275 level has muddied the waters in my opinion. We may well get some more rangy consolidation before an eventual break higher. I’d suggest 1.6130/1.6330 in shortish term with possible downside overstretch towards 1.6030. I remain very bullish overall but the timing is not quite right at the moment I feel, especially with sentiment turning bearish against the EUR.