• The EUR /USD pair declined on Monday as mixed economic data coming out of Europe added to existing worries about political risk in the continent, driving investors to sell the single currency.
   
• France will vote in a two-round presidential election at the end this month and at the start of May, with investors worried by the risk that the far-right anti-EU Marine Le Pen could stage a surprise victory.
   
• Polls show Le Pen seeing off her rivals in the upcoming first round of the French presidential elections, but being beaten in the run-off vote.
   
• The ongoing weakness is set to continue for this pair as the resistance level at 1.0694 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 1.0663, a break above this level would expose the pair to next resistance level at 1.0694.
   
• To the downside, immediate support can be seen at 1.0632, a break below at this level will open the door towards next level at 1.0595.
  
  Resistance Levels
  
  R1:  1.0663 (50% Retracement level)       
  
  R2: 1.0694 (61.8% Retracement level)    
  
  R3: 1.0740 (March 15th high)
  
  Support Levels
  
  S1: 1.0632 (38.2% Retracement level)                    
  
  S2: 1.0595 (23.6% Retracement level)
  
  S3: 1.0560 (Feb 14th lows)