EUR/USD has traded in a very bearish matter, and there are a couple levels to be hit to complete the bear flag pattern. Next support is the 161% extension of the last consolidation this month at 1.1740. Next stop is the 1.1700 level, which is the longer term 38% retracement. However, the flag points to the 1.1574 level. A move here makes sense, as many stops for longer-term traders is probably below the 1.1600 level. RSI is not oversold yet, but in the coming days, if we continue lower, it will get extreme and at least due for a bounce from the sub 1.1600 level should we get there.
