• The EUR/USD pair traded in higher range today in the early European session hitting as high as 1.1615 before retreating back towards 1.1561 levels.
   
• However, further decline towards lower levels should be limited as the euro is set to strengthen against broadly weaker green back in the short term.
   
• To the upside, the strong resistance can be seen at 1.1615, a break above will take the pair towards next resistance level at 1.1687.
   
• To the downside immediate support can be seen at 1.1503 levels, a break below will open the door towards next level at 1.1449.
  
  Resistance Levels
  
  R1: 1.1557 (38.2% Retracement level)
  
  R2: 1.1615 (Daily high)
  
  R3: 1.1687 (Jan 18th high)
  
  Support Levels
  
  S1: 1.1503 (50% Retracement level)
  
  S2: 1.1449 (61.8% Retracement level)
  
  S3: 1.1400 (Psychological levels)