0942 GMT - The euro is unlikely to weaken much further after reaching a 16-month low against the dollar on Tuesday as the Federal Reserve probably won't raise interest rates again until December, ING's Francesco Pesole says in a note. However, if upcoming U.S. economic data are strong and the Fed raises rates in October while signalling further tightening, the euro could fall to as low as $1.10, he says. "Even lower oil prices might not help, as markets may be quicker to price out European Central Bank tightening than the Fed's." The euro rises 0.1% to $1.1353 after falling as low as $1.1310 Tuesday.