The short term outlook still favours further consolidation as long as the hourly trendline at 1.36 and a 61.8% retracement at 1.3605 remain intact. The daily outlook on the other hand is quite bullish. The break above the 200-day MA was a bullish event. Yesterday the market retested the level, today at 1.3410, and bounced aggressively. Play the edges of this 1.34/1.36 range with an overall bullish bias.
