FxWirePro: EUR/USD dips below lower range after upbeat U.S. data, scope for further downside

• The EUR /USD pair declined on Tuesday as dollar rose broadly after U.S. retail sales data showed the largest gain in seven months.
   
• U.S. retail sales recorded their biggest increase in seven months in July as consumers boosted purchases of motor vehicles and lifted discretionary spending, suggesting the economy continued to gain momentum early in the third quarter.
   
• The Commerce Department said on Tuesday that retail sales jumped 0.6 percent last month, the largest gain since December 2016. June's retail sales were revised to show a 0.3 percent gain instead of the previously reported 0.2 percent drop.
   
• The ongoing weakness is set to continue for this pair as the resistance level at 1.1818 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 1.1753, a break above this level would expose the pair to next resistance level at 1.1818.
   
• To the downside, immediate support can be seen at 1.1687, a break below at this level will open the door towards next level at 1.1643.
  
  Resistance Levels
  
  R1:  1.1753 (50% Retracement level)       
  
  R2: 1.1818 (61.8% Retracement level)    
  
  R3: 1.1853 (Aug 11th high)
  
  Support Levels
  
  S1: 1.1687 (38.2% Retracement level)                    
  
  S2: 1.1643 (23.6% Retracement level)
  
  S3: 1.1600 (Psychological levels)

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