Whilst the FX markets have been ranging, waiting for some clear trend direction now that the Eurozone news isn't in the limelight, the commodity markets have been the one to watch. As you see from the chart of spot Silver below, it is potentially ready for a clear breakout out of its range. Given that price action made such a shallow retracement before the level of upper resistance, the market looks ready to breakout of that resistance level.

However, watch for key news announcements out later in the week.