• The EUR/USD pair declined to post daily lows in the American session after European Central Bank chief Mario Draghi said the bank made only marginal upward adjustments to its inflation projections.
   
• The euro fell broadly after the market perceived those upward adjustments as rather dovish, a move that helped the dollar outperform against the single currency.
   
• Currently the pair is trading around 1.1156 levels, it is set to decline further towards 1.1100 and later towards 1.1055 levels in the short term.
   
• To the upside, the strong resistance can be seen at 1.1231, a break above will take the pair towards next resistance level at 1.1291.
   
• To the downside immediate support can be seen 1.1123 levels, a break below will open gates towards 1.1094 levels.
  
  Resistance Levels
  
  R1: 1.1177 (50% Retracement level)
  
  R2: 1.1231 (61.8% Retracement level)
  
  R3: 1.1291 (May 18th  high)
  
  Support Levels
  
  S1: 1.1123 (38.2% Retracement level)
  
  S2: 1.1094 (May 30th lows)
  
  S3: 1.1055 (23.6% Retracement level)