EUR/USD Price Analysis: Eyes 1.20 with bear flag breakdown on the daily chart

EUR/USD's daily chart shows a bear flag breakdown – a bearish continuation setup.
The pair risks falling to the psychological support of 1.20.

Omkar Godbole FXStreet Contributor

EUR/USD looks south, with the daily chart reporting a bearish continuation pattern.

The pair ended Monday with a 0.18% loss at 1.2049, confirming a downside break of a bear flag identified by trendlines connecting Feb. 5 and Feb. 17 lows and Feb. 11 and Feb. 25 highs.

The flag breakdown represents a continuation of the sell-off from the Jan. 6 high of 1.2349 and indicates scope for deeper declines below 1.20.

The 14-day Relative Strength Index is also reporting a bearish bias with a below-50 print.

Daily chart

Trend: Bearish

Technical levels

EUR/USD

Overview
Today last price	1.2039
Today Daily Change	-0.0006
Today Daily Change %	-0.05
Today daily open	1.2045

Trends
Daily SMA20	1.2093
Daily SMA50	1.2145
Daily SMA100	1.2028
Daily SMA200	1.1802

Levels
Previous Daily High	1.2101
Previous Daily Low	1.2028
Previous Weekly High	1.2243
Previous Weekly Low	1.2065
Previous Monthly High	1.2243
Previous Monthly Low	1.1952
Daily Fibonacci 38.2%	1.2056
Daily Fibonacci 61.8%	1.2073
Daily Pivot Point S1	1.2014
Daily Pivot Point S2	1.1984
Daily Pivot Point S3	1.1941
Daily Pivot Point R1	1.2088
Daily Pivot Point R2	1.2132
Daily Pivot Point R3	1.2162

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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