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EUR/USD Forecast: Bears retain control, looking for sub-1.0600 levels

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The EUR/USD pair recovered modestly from 1.0621, the fresh 2024 low set last week, but resumed its decline ahead of Wall Street’s opening, now hovering in the 1.0630 price zone.

EUR/USD Current price: 1.0635 Geopolitical tensions in the Middle East lead the way at the beginning of the week. Upbeat United States Retail Sales gave a near-term boost to the US Dollar. EUR/USD trades near the 2024 low and has room to extend its slump. The US Dollar came under mild pressure amid mounting geopolitical tensions in the Middle East after Iran launched an aerial attack on Israel over the weekend.

Data-wise, the Eurozone released February Industrial Production, which rose 0.8% MoM but was down 6.4% from a year earlier. As for the US, the country published March Retail Sales, which rose 0.7% MoM, much better than the 0.3% anticipated. Also, the April NY Empire State Manufacturing Index printed at -14.3, improving from -20.9 in March but missing expectations of -9. Upbeat Retail Sales provided a near-term impulse to the USD.

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