• The EUR/USD pair declined on Wednesday as investors cashed in on gains made on the back of the first round of France's presidential elections and a market rethink on euro zone monetary policy.
   
• Investors attention  turned to U.S. President Donald Trump's promised announcement on tax cuts, supporting a reheating of the dollar-positive "Trumpflation" trades that dominated the end of last year but have waned since.
   
• The euro fell around a third of a percent against the dollar, weakening to $1.0873 from a high of $1.0951 hit in early European trade.
   
• The ongoing weakness is set to continue for this pair as the resistance level at 1.0954 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
   
• To the upside, the immediate resistance can be seen at 1.0910, a break above this level would expose the pair to next resistance level at 1.0954.
   
• To the downside, immediate support can be seen at 1.0863, a break below at this level will open the door towards next level at 1.0800.
  
  Resistance Levels
  
  R1:  1.0910 (50% Retracement level)       
  
  R2: 1.0954 (61.8% Retracement level)    
  
  R3: 1.1000 (Psychological levels)
  
  Support Levels
  
  S1: 1.0863 (38.2% Retracement level)                    
  
  S2: 1.0800 (23.6% Retracement level)
  
  S3: 1.0758 (March 24th lows)