EUR/USD – Starts a 5th wave

Note: Retail Sales was negative

Bearish:  We are currently @ 1.0874 in a channel and it appears to have put in 4 waves   We are looking for a continuation to the 1.000 Fibo @ 1.0801 with a further target the ATR target @ 1.0762 area.  The 5th wave target is 1.0700.  Watch the USDX for direction. The average daily true range (ATR) for the pair is 115 pips per day and it’s 180 day average is 109 pips per day. USDX is currently moving up.