The EURUSD may trade below the 1.1500 level.

The EURUSD is back on our radar. Back on August 30th, the EURUSD was our “Chart of the Day” and we expected a move back to 1.1900. We hit 1.190X and reversed and now we are looking for a move that measures below 1.1500. We have a bear flag that is developing, and as long as we do not close above the 1.1650 level the risk is for the pair to reach 1.1450 on a measured move lower. Daily RSI was oversold but has worked off those conditions the last few sessions.

Steve Voulgaridis