FX.co ★ EURUSD M5: Bearish Flag

The Bearish Flag pattern has been formed on EURUSD at M5. The lower boundary of the pattern is located at 1.1615/1.1621 while the upper boundary lies at 1.1619/1.1625. The projection of the flagpole is 8 points. This formation signals that the downward trend is most likely to continue. Therefore, if the level of 1.1615 is broken, the price will move further downwards.