EURUSD (1.1807): Following the brief retracement to 1.7934 resistance level, EURUSD has turned lower. This could potentially suggest a near-term decline in prices in the short term. There is also scope for a bearish flag pattern that could be forming as a result of this reversal. If EURUSD manages to break down below the previous low on Friday at 1.1728, then expect to see further declines. A measured move of this potential bearish flag pattern will see EURUSD targeting 1.1635. This also coincides with the support level that is formed here.
