• The EUR /USD pair declined on Thursday as dollar regained ground after upbeat US economic data and higher political risk in Europe ahead France's presidential election.
   
• Investors were largely focused on French politics, as far-right National Front leader Marine Le Pen launched her presidential bid, vowing to fight globalization and take France out of the euro zone.
   
• The number of Americans filing for unemployment benefits unexpectedly fell last week to near a 43-year low, amid a further tightening of the labor market that could eventually spur faster wage growth.
   
• Initial claims for state unemployment benefits dropped 12,000 to a seasonally adjusted 234,000 for the week ended Feb. 4.
   
• The ongoing weakness is set to continue for this pair as the resistance level at 1.0781 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 1.0694, a break above this level would expose the pair to next resistance level at 1.0738.
   
• To the downside, immediate support can be seen at 1.0640, a break below at this level will open the door towards next level at 1.0619.
  
  Resistance Levels
  
  R1:  1.0694 (38.2% Retracement level)   
  
  R2: 1.0738 (50% Retracement level)        
  
  R3: 1.0781 (61.8% Retracement level)
  
  Support Levels
  
  S1: 1.0640 (23.6% Retracement level)                    
  
  S2: 1.0619 (Jan 30th lows)
  
  S3: 1.0572 (Jan 16th lows)