Bearish: We are currently @ 1.2081 in the possible start of a 5th fractal wave in a channel. We are looking for a continuation to the S5 target 1.2068 and then the ATR target @ 1.2039. Watch for a reaction there. Watch the USDX for any change in direction. The ATR for the pair currently is 128 pips per day and its 180 day average is 113 pips per day. USDX is currently trying to go up at the time of this post.
The 4 Things you must know in the Forex: http://proacttraders.com/ebook