• The EUR/USD declined on Monday as euro pulled back from highs touched after pro-European centrist Emmanuel Macron's emphatic but well-flagged victory in France's presidential election as investors' focus shifted from politics to monetary policy.
   
• Political risks that have dominated European markets in a year packed with elections seen receding, the European Central Bank is expected to have more room to tighten policy as the euro zone economic recovery gathers pace.
   
• The pair sharply declined having jumped to hit daily high at $1.1022 when opinion polls signalled the scale of Macron's victory over anti-euro nationalist Marine Le Pen.
   
• Currently, the currency pair is trading at 1.0929 levels, it is set to decline further towards 1.0880 and later 1.0850 levels in the short term.
   
• To the upside, the strong resistance can be seen at 1.1000, a break above this level would take the pair towards next resistance level at 1.1045 levels.
   
• To the downside immediate support can be seen at 1.0929, a break below this level will open the door towards next level at 1.0884.
  
  Resistance Levels
  
  R1: 1.0978 (50 % Retracement level)
  
  R2: 1.1000 (Psychological levels)
  
  R3: 1.1045 (Dec 16th high)
  
  Support Levels
  
  S1: 1.0929 (38.2 % Retracement level)
  
  S2: 1.0884 (23.6 % Retracement level)
  
  S3: 1.0849 (April 27th lows)