EURUSD continues to show signs of weakness after facing rejection around the 1.1560 level. The latest rebound lacked the strength to break through the overhead supply zone, while the price structure is shifting toward a more cautious tone.

On the macro front, the USD is finding support from recovering US yields and market anticipation of key labor data. This continues to exert downward pressure on EURUSD in the short term.

My base case is for the price to remain under pressure below 1.1560 and retest the 1.1500 level. Should this support level give way, the decline could extend further.