Bearish: We are currently @ 1.2659 in a 5th wave in a channel. If we can push through support here we are looking for a continuation to the ATR target @ 1.2600 with the overall target today the S4 @ 1.2554. Watch the USDX for direction. The average daily true range (ATR) for the pair is 106 pips per day and it’s 90 day average is 96 pips per day. USDX is currently moving up.