Bearish: Currently we are @ 1.6269.  We have convergence to the downside on the 60-minute chart. IF we can break the significant support, we are looking to continue to the ATR target @ 1.6100 area and then later a continuation to the Day chart bottom @ 1.5974. We expect a bounce there. The average true range (ATR) for the pair currently is 215 pips per day.

Note: USDX: Bullish: We have continued dollar strength. The USD pairs should prove it out when the market opens.  All of this could change in a heartbeat and will affect the currencies below. ATR’s are significantly higher than last week. BE SMART - TRADE WITH STOPS!!!!

$EURUSD

Bearish: Currently we are @ 1.1853.  We have convergence to the downside on the 60-minute chart. We are looking to continue to the ATR target @ 1.1784 area and then a continuation to the day chart bottom @ 1.1719. We expect a bounce there. The average true range (ATR) for the pair currently is 129 pips per day.

Bearish: Currently we are @ 1.1232.  We have convergence to the downside on the 60-minute chart. We are looking to continue to the ATR target @ 1.1159 area and then a continuation to the 0.500 Fibo @ 1.1147. We expect a bounce there. The average true range (ATR) for the pair currently is 198 pips per day.

chart. We are looking to continue to the ATR target @ 0.6426 area  and then  later a continuation to the 0.786 Fibo @ 0.6340.  We expect a bounce there. The average daily true range (ATR) for the pair currently is 98 pips.