Euro Downside Bias Persists as EUR/USD Targets 1.1500

ING's analysts maintain that the Euro (EUR) is poised to decline further against the US Dollar (USD), citing the currency pair's recent break below 1.1600.

The bank's constructive view of the dollar suggests that the EUR/USD will likely continue its downward trend, with a target of 1.1500 in the near term.

Despite last week's hawkish European Central Bank (ECB) communication, which may have slowed down the pace of Euro weakness, ING remains bullish on the dollar.

The ECB's Governing Council has expressed concerns about inflation and growth in the eurozone, suggesting that additional tightening may be necessary.

This week, key economic indicators such as German ZEW data and speeches by Christine Lagarde and other officials will provide insight into the ECB's policy stance.