EUR/USD Price Stuck Below $1.1500 as Euro Remains Under Pressure

The EUR/USD price is consolidating its decline from last week, stuck below the $1.1500 mark and eyeing support at $1.1450.

The Euro has failed to gain momentum despite a drop in oil prices, weighed down by the Federal Reserve's hawkish stance and rising political uncertainty in Germany.

Chicago Fed President Austan Goolsbee reinforced this view, stating that the US central bank 'does not have an employment problem; it does have an inflation problem.'

The German Chancellor's party suffered a significant loss in state elections, with Merz vowing to stay in office to implement economic reforms amid growing questions about his support.