FxWirePro: EUR/USD outlook weaker on renewed downside pressure

• The EUR /USD pair declined on Monday as investors bought greenback after strong U.S. employment figures suggested the Federal Reserve would stick with its tightening plans for the rest of this year.
   
• U.S. job growth surged more than expected in June and employers increased hours for workers, suggesting the Fed could stick to its plan for its third interest rate hike this year and begin to reduce its balance sheet despite sluggish wage gains and tepid inflation.
   
• The ongoing weakness is set to continue for this pair as the resistance level at 1.1464 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 1.1415, a break above this level would expose the pair to next resistance level at 1.1440.
   
• To the downside, immediate support can be seen at 1.1369, a break below at this level will open the door towards next level at 1.1334.
  
  Resistance Levels
  
  R1:  1.1415 (50% Retracement level)       
  
  R2: 1.1440 (July 7th high)               
  
  R3: 1.1464 (61.8% Retracement level)
  
  Support Levels
  
  S1: 1.1369 (38.2% Retracement level)                    
  
  S2: 1.1334 (July 4th lows)
  
  S3: 1.1300 (23.6% Retracement level)

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