• The EUR /USD pair declined on Tuesday as dollar racked up its biggest rise in more than two weeks in 2017's first full day after dealers and investors returned to push the greenback close to December's long-term highs.
   
• U.S. economic data and Federal Reserve meeting minutes coming up this week will offer some more clues about the dollars next move. The Fed will release minutes of its December meeting on Wednesday.
   
• The ongoing weakness is set to continue for this pair as the resistance level at 1.0500 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 1.0406, a break above this level would expose the pair to next resistance level at 1.0442.
   
• To the downside, immediate support can be seen at 1.0371, a break below at this level will open the door towards next level at 1.0350.
  
  Resistance Levels
  
  R1:  1.0406 (50% Retracement level)       
  
  R2: 1.0442 (61.8% Retracement level)    
  
  R3: 1.0500 (Psychological levels)
  
  Support Levels
  
  S1: 1.0371 (38.2% Retracement level)                    
  
  S2: 1.0350 (Dec 20th lows lows)
  
  S3: 1.0325 (23.6% Retracement level)