$EURUSD is bouncing in a shallow channel on the support at 1.2690. We have a bear flag and a wedge both bearsih for the cross. A break of 1.2674 should produce a run to the 1.2547 with a stall at the even number 1.2600.
We have had a hundred pip move during the night and Friday is a squaring day so watch for a bounce at the 1.2674 area (Strong support). should we break this however next target is the even number at 1.2600 with further targets at the 1.2547 area.
Ozzie is trying hard to break the .500 fibo. If it is able to looking for the .618 and R4 area around 0.9084 to 0.9100. Further upside target is the .786 fibo at 0.9146. Failure to make the break leaves a downside target of 0.8948 (R2).
EURUSD is in a nice channel and we are looking for follow through to the 1.2723 (S6) area. A further target is the .382 fib at 1.2691 and the 1.2669 where support can be found. Upside risk is a break of the channel and then a move to 1.2936.
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WHAT ProAct Traders SEE: We are approaching the .500 fib and the 6th support. Might see a little bounce here but targeting the 1.2601 area (.618 fibo from the swing high and low and the 2.618 Fib extensions). Further targets south are 1.2403 and 1.2347 later this week.
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