Analysts forecast further euro weakness against the dollar, eyeing a drop to 1.1445 as resistance holds at 1.1600.
EUR/USD remains in a short-term consolidation phase between 1.1505 and 1.1555 after last week’s sharp decline. Analysts maintain a bearish outlook for the next 1-3 weeks, targeting 1.1445 while 1.1600 acts as strong resistance.
The pair dropped to a low of 1.1516 last Friday, recovering slightly to 1.1534 yesterday. Downward momentum has accelerated, with a break below 1.1555 potentially opening the way to 1.1390-1.1410 support.
No immediate market reaction was noted, as the consolidation phase continues within the broader downtrend.