Analysts forecast further euro weakness against the dollar, eyeing 1.1445 support 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 if the pair breaks below 1.1555.
The euro dropped to a low of 1.1516 last Friday, with momentum indicators suggesting further downside. Resistance is firmly capped at 1.1600, while a multi-month break below 1.1555 could open a path to 1.1390-1.1410.
Recent price action reflects a broader downtrend, with no signs of stabilization yet. The pair settled at 1.1534 yesterday, up 0.13% after dipping to 1.1499 earlier.