Analysts see limited downside for the euro below 1.1360 despite recent losses ahead of US CPI data.
EUR/USD fell to 1.1377, its lowest level in two weeks, before closing at 1.1381 as the US dollar strengthened ahead of key inflation data. The pair’s decline reflects short-term downward momentum but lacks strong follow-through below critical support levels.
Analysts note that while the euro remains under pressure, sustained losses below 1.1360 appear unlikely. The next major support is seen at 1.1325, with a trading range of 1.1360 to 1.1450 still the base case. Resistance is pegged at 1.1415, with minor resistance at 1.1400.
The pair’s recent volatility follows a failed breakout attempt, with a high of 1.1445 before retreating. Downward momentum has eased after the spike, though the bias remains tilted lower in the near term.