• The EUR /USD pair declined on Monday as the single currency was pressured by nervousness over the upcoming French presidential election as investors took stock of polls showing a tightening race.
   
• Investors are closely following the campaign as one candidate far-right leader Marine Le Pen has promised a referendum on France's membership of the European Union if she wins, fuelling concerns of an unravelling of the bloc after Britain's vote to leave last year.
   
• Polls have for weeks shown Le Pen and centrist Emmanuel Macron on track to top the first round of voting on April 23 and go through to the May 7 run-off. However, two less fancied candidates, Francois Fillon and Jean-Luc Melenchon held mass rallies on Sunday, making it an increasingly tight race.
   
• The ongoing weakness is set to continue for this pair as the resistance level at 1.0664 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 1.0613, a break above this level would expose the pair to next resistance level at 1.0664.
   
• To the downside, immediate support can be seen at 1.0561, a break below at this level will open the door towards next level at 1.0500.
  
  Resistance Levels
  
  R1:  1.0613 (50% Retracement level)       
  
  R2: 1.0664 (61.8% Retracement level)    
  
  R3: 1.0700 (Psychological level)
  
  Support Levels
  
  S1: 1.0561 (38.2% Retracement level)                    
  
  S2: 1.0500 (23.6% Retracement level)
  
  S3: 1.0449 (Jan 11th low)