Note: USDX shows weakness but may travel sideways for a while – should affect all USD pairs. ATR’s have really jumped from last week.
What ProAct Forex Target Traders See: We are currently sitting @ 1.2421 after finishing a 5th wave. We are now looking for 5 waves to the R6 @ 1.2542. Waiting for the 2nd wave to be established then look to the 0.786 Fibo for this week @ 1.2049. There is a possibility that the 5th wave needs to go higher due to the USDX weakness. The average daily true range (ATR) for the pair currently is 106 pips.