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.

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