EUR/USD Stalls at Key Level as Bears Gain Strength

The EUR/USD currency pair has reached a critical juncture as it continues to decline. The pair settled below the key level of 1.1500, the 100 simple moving average on the 4-hour chart, and the 200 simple moving average. This move puts the pair in a short-term bearish zone.

The 4-hour chart shows a bearish trend line forming with resistance at 1.1515. On the upside, the pair may face further resistance near the 50% Fib retracement level of the downward move from the 1.1654 swing high to the 1.1455 low.

The main resistance could be near the confluence of the 100 simple moving average and the 200 simple moving average at 1.1590. A close above this level could initiate a steady increase, with bulls targeting a move to 1.1650.

However, if there is another bearish reaction, the pair may revisit the 1.1455 low. The first major support could be near 1.1420. A close below this level might accelerate the decline, with bears potentially aiming for a move to 1.1350.