EUR/USD Price Forecasts: Bears remain in control with 1.1450 support eyed

The Euro (EUR) is currently experiencing a downtrend against the US Dollar (USD), with the pair trading below 1.1500 and the seven-week low in the mid-1.1400s. Oil prices have not provided significant support to the Euro, which is being pressured by the Federal Reserve's hawkish stance and political uncertainty in Germany. Austan Goolsbee, President of the Chicago Fed, emphasized the Fed's current focus on inflation rather than employment.

Germany's CDU party suffered a significant defeat in Berlin, while Chancellor Friedrich Merz's CDU is expected to face questions about support. This week's focus will be on preliminary PMI figures for the Eurozone and the US. EUR/USD has failed to surpass the 200-day simple moving average and has been struggling below the 1.1450 level.

Momentum indicators remain negative, with RSI just above oversold levels and MACD below zero. Upside attempts are currently limited to the 1.1500 area, with potential support at the August 13, September 14 lows at 1.1520 and September 2 lows near 1.1570. A break below 1.1456 may find support at the 78.6% Fibonacci retracement at 1.1410, before testing the June-July trough in the 1.1325-1.1365 area.