• The EUR/USD pair weakened on Wednesday, as investors awaited Thursday’s meet whether ECB President Mario Draghi will give any indications that the central bank will begin tapering its bond purchase program.
   
• The ECB is expected to discuss technical changes to its asset-buying scheme but a decision could be deferred until December when the bank will also decide whether to extend the scheme beyond March.
   
• The ongoing weakness is set to continue for this pair as the resistance level at 1.1057 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels in the short term.
   
• To the upside, immediate resistance can be seen at 1.0994 a break above will take the pair towards next resistance level at 1.1028.
   
• To the downside, immediate support can be seen at 1.0960 levels, a break below will open the door towards next level at 1.0920.
  
  Resistance Levels
  
  R1: 1.0994 (50% Retracement level)
  
  R2: 1.1028 (61.8% Retracement level)
  
  R3: 1.1057 (Oct 14th high)
  
  Support Levels
  
  S1: 1.0960 (38.2% Retracement level)
  
  S2: 1.0920 (23.6% Retracement level)
  
  S3: 1.0900 (Psychological levels)