Bearish: We are currently @ 1.1531 in a new channel (and possible 3rd wave). We are looking for a move to the square up @ 1.1500 with a further target the ATR target @ 1.1413. We have convergence on the hourly. Target up is 1.1646 if it reverses. Watch the USDX for any change in direction. The ATR for the pair currently is 199 pips per day and its 180 day average is 168 pips per day. USDX is currently up.