EUR/USD is losing ground as traders worry about hawkish Fed and focus on rising oil markets. Oil prices gained 2% amid no signs of additional progress in U.S. – Iran talks.

Currently, EUR/USD is trying to settle below the support level at 1.1110 – 1.1125. In case this attempt is successful, EUR/USD will move towards the next support, which is located in the 1.1015 – 1.1030 range. RSI has recently moved into oversold territory, but there is enough room to gain additional downside momentum in case the right catalysts emerge.