FxWirePro: EUR/USD neutral in the near-term, scope for downward resumption

• The EUR /USD pair declined on Tuesday as a broadly resurgent greenback prompted investors to square positions in a thin market before a central bank conference this week.
   
• The single currency slipped 0.6 percent against the greenback to $1.1750, retracing most of its overnight gains when it posted its biggest single day rise so far this month.
   
• Friday's speech by European Central Bank President Mario Draghi is among the set-piece events at the Jackson Hole symposium, where remarks by his Federal Reserve counterpart Janet Yellen on the same day will be the main focus.
   
• Further upside for this pair is expected to be limited as strong resistance level at 1.1846 is set to limit upside and bring decline towards lower levels.
   
• To the upside, the immediate resistance can be seen at 1.1798, a break above this level would expose the pair to next resistance level at 1.1846.
   
• To the downside, immediate support can be seen at 1.1742, a break below at this level will open the door towards next level at 1.1700.
  
  Resistance Levels
  
  R1:  1.1798 (50% Retracement level)       
  
  R2: 1.1846 (61.8% Retracement level)    
  
  R3: 1.1884 (Aug 4th high)
  
  Support Levels
  
  S1: 1.1742 (38.2% Retracement level)                    
  
  S2: 1.1700 (Psychological levels)
  
  S3: 1.1673 (23.6% Retracement level)

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