FxWirePro: EUR/USD strongly bearish despite upside attempts

• The EUR /USD pair recovered some ground on Wednesday as slump in oil markets to seven-month lows put investors on edge, and pushed down the dollar lower.
   
• Investors were betting that oil's tumble to seven-month lows would reduce inflationary pressures and make it less likely that the U.S. Federal Reserve will push ahead with aggressive interest rate rises.
   
• Oil prices held near multi-month lows on Wednesday as investors discounted evidence of strong compliance by OPEC and non-OPEC oil producers with a deal to cut global output.
   
• However, further upside for this pair is expected to be limited as strong resistance level at 116.46 is set to limit upside and bring decline towards lower levels.
   
• To the upside, the immediate resistance can be seen at 1.1149, a break above this level would expose the pair to next resistance level at 1.1183.
   
• To the downside, immediate support can be seen at 1.1114, a break below at this level will open the door towards next level at 1.1100.
  
  Resistance Levels
  
  R1:  1.1149 (50% Retracement level)       
  
  R2: 1.1183 (61.8% Retracement level)    
  
  R3: 1.1210 (June 19th high)
  
  Support Levels
  
  S1: 1.1114 (38.2% Retracement level)                    
  
  S2: 1.1100 (Psychological levels)
  
  S3: 1.1070 (23.6% Retracement level)

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