• EUR/USD declined sharply on Thursday as the pair was weighted down after European Central Bank President Mario Draghi said there was no discussion at the ECB's latest policy meeting on possible changes to its 1 trillion-plus euro bond purchase program.
   
• Draghi's comments countered speculation the ECB may begin paring its monthly purchases of assets with its stimulus program possibly concluding as early as March 2017.
   
• Further upside in this pair is expected to be limited as the pair faces strong resistance at 1.1000 which should limit further upside and bring decline towards lower levels in the short term.
   
• To the upside, the strong resistance can be seen at 1.1000, a break above will take the pair towards next resistance level at 1.1050.
   
• To the downside immediate support can be seen at 1.0900 levels, a break below will open gates towards 1.0872 levels.
  
  Resistance Levels
  
  R1: 1.0931 (50% Retracement level)
  
  R2: 1.0954 (61.8% Retracement level)
  
  R3: 1.1000 (Psychological levels)
  
  Support Levels
  
  S1: 1.0900 (38.2% Retracement level)
  
  S2: 1.0872 (23.6% Retracement level)
  
  S3: 1.0815 (March 6th lows)