FxWirePro: EUR/USD gains some upside momentum but still bearish

• The EUR/USD inched higher on Tuesday as the single currency gained as investors awaited cues on the path of interest rate hikes in the United States ahead of Federal Reserve Chair Janet Yellen's testimony on Wednesday.
   
• Trading volumes were below June's average daily turnover as traders were on the sidelines ahead of Janet Yellen’s testimony.
   
• Federal Reserve chief Janet Yellen starts two days of testimony on Wednesday as it prepares to unwind the massive hoard of bonds it bought to ease the financial crisis.
   
• Further upside in this pair is expected to be limited as the pair finds strong resistance at 1.1462 which should limit further upside and bring decline towards lower levels in the short term.
   
• To the upside, immediate resistance can be seen at 1.1415, a break above this level would take the pair towards next resistance level at 1.1440.
   
• To the downside, strong support can be seen at 1.1367 levels, a break below this level will open the door towards next level at 1.1331.
  
  Resistance Levels
  
  R1: 1.1415 (50% Retracement level)
  
  R2: 1.1440 (July 7th high)
  
  R3: 1.1462 (61.8% Retracement level)
  
  Support Levels
  
  S1: 1.1367 (38.2% Retracement level)
  
  S2: 1.1331 (July 4th lows)
  
  S3: 1.1310 (23.6% Retracement level)

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