• The EUR /USD pair declined on Wednesday after data showed a jump in US consumer prices in January, bolstering expectations that the Federal Reserve is closer to raising interest rates.
   
• Consumer Price Index jumped 0.6 percent last month after gaining 0.3 percent in December. January's increase in the CPI was the largest since February 2013. In the 12 months through January, the CPI increased 2.5 percent, the biggest year-on-year gain since March 2012. The CPI rose 2.1 percent in the year to December.
   
• The ongoing weakness is set to continue for this pair as the resistance level at 1.0620 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 1.0566, a break above this level would expose the pair to next resistance level at 1.0620.
   
• To the downside, immediate support can be seen at 1.0512, a break below at this level will open the door towards next level at 1.0480.
  
  Resistance Levels
  
  R1:  1.0566 (50% Retracement level)       
  
  R2: 1.0620 (61.8% Retracement level)    
  
  R3: 1.0660 (Feb 13th high)
  
  Support Levels
  
  S1: 1.0512 (38.2% Retracement level)                    
  
  S2: 1.0480 (Jan 5th lows)
  
  S3: 1.0445 (23.6% Retracement level)