EUR/USD Near 1.1500 – Deeper Drop Ahead?EUR/USDOANDA:EURUSDEmmaChartistHello everyone, EUR/USD is sliding slightly to around 1.1501, and the short-term bearish trend remains dominant after multiple failed attempts to defend the psychological level of 1.1600. On the 4H chart, the structure continues to form lower highs and lower lows, along with a series of Fair Value Gaps above, indicating that liquidity is being pulled away from buyers while selling pressure grows stronger. Price is now approaching the 1.1480–1.1500 support zone, where dip-buying previously appeared in September. However, this time the context is different: the USD is strengthening on expectations of a solid NFP report, while the Euro is weighed down by weakening German manufacturing PMI and an ECB that remains in “wait-and-see mode”, offering no new tightening signals as inflation has cooled to 2.3%. Ichimoku also supports the bearish outlook: price is trading fully below the Kumo cloud, Tenkan-sen and Kijun-sen both point downward, and the forward cloud is expanding and sloping lower, suggesting that the medium-term downtrend remains intact. In addition, bearish candles are appearing with higher volume, while corrective bullish candles are relatively weak – showing that current buying is only technical, not sufficient to reverse the trend. If the 1.1500 zone is broken with a clear 4H candle close, EUR/USD could extend lower towards 1.1450, and even test 1.1400 if USD strength continues. Conversely, if buyers defend 1.1480 and form a rejection wick, price may see a technical rebound to 1.1550–1.1580 to fill the FVG before selling pressure returns. At the moment, both technicals and fundamentals lean bearish. 1.1500 is not just a support but also a psychological barrier – if it breaks, the market could open another 50–80 pips to the downside. This is not an ideal place to buy hastily, but rather a moment to watch whether sellers have enough strength to break deeper or if buyers can trigger a short-term bounce before the larger downtrend resumes.