We have retraced to the former support by building a bear flag – a bearish sign. Yet at the 60 minute level we are building a consolidation channel which is bullish. IF the cross breaks north we are targeting the R5 @1.2255 for the target. A break south would target the 1.2022 (bear flag bottom) and a break here should target 1.1933. We call this the WAIT Trade – Wait till something happens conclusively.
