Analysts warn EUR/USD could extend losses to 1.1570 if 1.1600 support breaks amid strong downward momentum.
EUR/USD dropped to a six-week low near 1.1620, driven by strong downward momentum that analysts say keeps risks skewed lower. Intraday moves are expected within a 1.1600–1.1655 range due to oversold conditions, but a break below 1.1600 could target 1.1570.
The pair fell sharply last week, breaching the 1.1655 level after analysts highlighted potential downside toward 1.1630 and 1.1600. Despite oversold conditions, momentum remains strong, with resistance capped around 1.1685.
Downside risks persist as the pair tests key support levels, with further declines possible if 1.1600 fails to hold.