EUR/USD Dips Toward 1.1640 Support Amid US-Iran Stalemate

EUR/USD has extended losses toward key support at 1.1640 as a US-Iran stalemate stalls progress, leaving traders awaiting fresh catalysts after a volatile two-week swing. The pair surged above 1.1800 in mid-April on ceasefire hopes and Hormuz reopening that crashed Brent to $78.15, but plummeted over 70 pips to 1.1712 on renewed tensions, seized vessels, weak ZEW sentiment, and consumer confidence at -20.6 despite ceasefire extensions. Oversold RSI readings near 29 signal bounce potential to 1.1750-1.1790, though persistent geopolitical risks and DXY strength near 98.57 eye deeper drops to 1.1645.