FxWirePro: EUR/USD pauses decline, downside risk remains

• EUR /USD pair declined on Tuesday as sellers stepped in following better than expected U.S. housing starts data supported the view that U.S. economy is gaining strength.
   
• Further  gains for the pair should be limited as the resistance level at 1.1080 levels which should limit upside and bring a decline towards lower levels in the short term.
   
• To the upside, the strong resistance can be seen at 1.1080, a break above this level would take the pair towards next resistance level at 1.1120.
   
• To the downside immediate support can be seen at 1.1000 levels, a break below this level will open the door towards next level at 1.0965.
  
  Resistance Levels
  
  R1: 1.1054 (61.8% Retracement level)
  
  R2: 1.1080 (Daily high)
  
  R3: 1.1120 (July 13th high)
  
  Support Levels
  
  S1: 1.1000 (50% Retracement level)
  
  S2: 1.0965 (38.2% Retracement level)

S3: 1.0910 (23.6% Retracement level)