The negative outlook of early January has faded. The then expected breakout did not materialized. Moreover, buyers have returned and are even trying to trigger a new recovery phase of some sorts. For this they must convincingly clear the barrier around 3.3475 thus paving the way towards 3.4750 and perhaps a bit higher.
Although not spectacular, it is one of various signs that the USD is regaining strength, at least on a 1-3 month horizon. Keep stops nearby at 3.1520.