Bearish: We are currently @ 1.1465 in a channel (and possible 3rd wave). We are looking for a move to the 1.618 Fibo @ 1.1397 with a further target the ATR target @ 1.1362. We have convergence on the hourly. Target up is 1.1578 if it reverses. Watch the USDX for any change in direction. The ATR for the pair currently is 133 pips per day and its 180 day average is 120 pips per day. USDX is currently down.