• EUR/USD declined sharply on Tuesday after U.S. Federal Reserve Chair Janet Yellen struck a hawkish tone on the timing of an interest rate hike.
   
• Dollar strengthened across the board after Yellen said in prepared remarks before the U.S. Senate Banking Committee that the central bank will likely need to raise interest rates at an upcoming meeting.
   
• Yellen's remarks reinforced recent remarks from other Fed policy-makers who like to see a faster adjustment to rates seen appropriate at this point of the economic expansion.
   
• The intraday trend remains bearish for the pair as euro is set to come under pressure as the US dollar is set to strengthen further in the short term.
   
• To the upside, the immediate resistance can be seen at 1.0591, a break above this level would expose to cable to next resistance level at 1.0640.
   
• To the downside immediate support can be seen at 1.0543, a break below will open the door towards next level at 1.0500.
  
  Resistance Levels
  
  R1: 1.0591 (50% Retracement Level)
  
  R2: 1.0640 (61.8% Retracement Level)
  
  R3: 1.0668 (Feb 10th high)
  
  Support Levels
  
  S1: 1.0543 (38.2% Retracement Level)
  
  S2: 1.0500 (psychological levels)
  
  S3: 1.0484 (23.6% Retracement Level)