Note: USDX shows strength but may travel sideways for a while – should affect all USD pairs. ATR’s have stabilized.
What ProAct Forex Target Traders See: Bearish: We are currently sitting @ 1.2231 in a 3rd wave and putting in a double top. We are now looking for a continuation of the wave down with the first targets the 0.618 Fibo @1.2154 and the S5/0.786 Fibo @ 1.2050 area. Watch for the 4th wave bounce there. The average daily true range (ATR) for the pair currently is 114 pips.