Blake Morrow’s Chart of The Day – Mar 26th 2021

EURUSD

The EURUSD 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.