FxWirePro: EUR/USD neutral in the near-term, scope for downward resumption

• The EUR /USD pair dipped on Monday as the dollar steadied on signs of a tightening U.S. jobs market but the jury is out on whether the currency's strength will last.
   
• The greenback was also buoyed by comments from National Economic Council director Gary Cohn that the U.S. administration is working on a tax plan that would bring corporate profits back to the United States.
   
• But the encouraging employment figures and tax plan prospects failed to add further momentum to the dollar on Monday as concerns turned towards the risk of still-subdued inflation.
   
• However, the ongoing weakness is set to continue for this pair as the resistance level at 1.1845 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 1.1800, a break above this level would expose the pair to next resistance level at 1.1845.
   
• To the downside, immediate support can be seen at 1.1755, a break below at this level will open the door towards next level at 1.1700.
  
  Resistance Levels
  
  R1:  1.1800 (50% Retracement level)       
  
  R2: 1.1845 (61.8% Retracement level)    
  
  R3: 1.1890 (Aug 4th high)
  
  Support Levels
  
  S1: 1.1755 (38.2% Retracement level)                    
  
  S2: 1.1700 (23.6% Retracement level)
  
  S3: 1.1669 (July 28th lows)

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest