EURUSD – downside under pressure after completion of bearish flag on daily chart
The Euro accelerated lower after recovery attempts on Monday were capped by falling 7SMA at 1.1624.
Fresh weakness returned below 1.1600 handle and pressuring key support at 1.1574 (27 Oct low), break of which would signal bearish continuation towards next target at 1.1510 (Fibo 38.2% of 1.0570/1.2092 rally / rising weekly Kijun-sen).
Completion of bearish flag pattern on daily chart was strong bearish signal for further weakness, as flag base now acts as initial resistance at 1.1623 (reinforced by falling 7 SMA).
Res: 1.1624; 1.1671; 1.1690; 1.1705
Sup: 1.1574; 1.1510; 1.1445; 1.1400