EUR/USD Trapped Below Key Resistance

The EUR/USD pair has been struggling to break above the resistance level of 1.1650, leading to a correction move and consolidation zone below 1.1620.

On the 4-hour chart, the 100 simple moving average is seen at 1.1635, with the main hurdle still being 1.1650. A close above this level could lead to another steady increase for the pair, potentially reaching up to 1.1720.

However, if there's another drop in price, the first major support could be near 1.1515. A close below this level might accelerate the decline and allow bears to target a move down to 1.1440.

The overall market sentiment remains influenced by the recent rally in WTI Crude Oil prices, which tested $105 and remain in a bullish zone.