The pair is currently @ 102.58.  We have a clear head and shoulders pattern and a break of the neckline.  Initial target is the 0.500 Fibo @ 101.70 and then it should get interesting.  Wave counters will note that we are fulfilling an abc retracement after the 5^th wave so how deep will the retracement go before the resumption of another move north?  2 Scenarios – 1) bounce on the .500 to the 5^th wave target of the R7 @ 105.87 or 2) continue to the 0.618 Fibo before a bounce move to the same target.  The Average Daily Trading Range (ATR) for the pair is 96 pips.