Bearish: We are currently @ 1.2158 in a channel and after breaking a significant support. We have convergence to the downside. We are looking for a continuation to the S4@ 1.2100 area and then the ATR target @ 1.2028 area. Watch the USDX for any change in direction. The ATR for the pair currently is 163 pips per day and its 180 day average is 123 pips per day. USDX is currently up at the time of this post.