EUR/USD Tumbles Amid Hawkish Fed Stance and German Uncertainty

The EUR/USD price has continued to consolidate its decline against the US dollar on Monday. The price action remains capped below $1.1500, putting the bears' attention on the $1.1450 support area.

Chicago Fed President Austan Goolsbee reinforced the Federal Reserve's hawkish stance by stating that the US has an inflation problem and not an employment issue. This statement adds to the growing uncertainty in Germany, which has offset the positive impact from lower oil prices on the Euro.

The technical analysis suggests that the price failed to breach the 200-day simple moving average last week and depreciated further before finding support at $1.1450. Momentum indicators remain negative, with the Relative Strength Index (RSI) sitting just above oversold levels and the Moving Average Convergence Divergence (MACD) below zero.