The Bearish Flag pattern has been formed on EURUSD at M5. The lower boundary of the pattern is located at 1.1577/1.1583 while the upper boundary lies at 1.1583/1.1589. The projection of the flagpole is 21 points. This formation signals that the downward trend is most likely to continue. Therefore, if the level of 1.1577 is broken, the price will move further downwards.