FxWirePro: EUR/USD retains bullish outlook with scope to target 1.1700

• The EUR /USD pair rose on Tuesday as the dollar slumped on uncertainty over the pace of the Federal Reserve's policy tightening and worries that President Donald Trump will fail to deliver healthcare reforms hit the dollar.
   
• A second attempt to pass a revised Republican healthcare bill in the Senate collapsed on Monday after two Republican Senators announced their opposition.
   
• Two more Republican Senators, Jerry Moran and Mike Lee, announced their opposition late on Monday to a revised Republican healthcare bill, leaving efforts to pass the legislation in chaos.
   
• Friday's weak reading on U.S. inflation and retail sales also fanned speculation the Fed may not have justification for another rate hike by the end of this year, despite policymakers' projection for such a move.
   
• The dollar's index against a basket of six major currencies sank to a more than 10-month low of 94.52.
   
• The ongoing upside is set to continue for this pair as support level at 1.1500 is likely to act as strong barrier to the bears and push the pair towards higher levels.
   
• To the upside, the immediate resistance can be seen at 1.1581, a break above this level would expose the pair to next resistance level at 1.1630.
   
• To the downside, immediate support can be seen at 1.1542, a break below at this level will open the door towards next level at 1.1500.
  
  Resistance Levels
  
  R1:  1.1581 (38.2% Retracement level)   
  
  R2: 1.1630 (23.6% Retracement level)    
  
  R3: 1.1700 (Psychological levels)
  
  Support Levels
  
  S1: 1.1542 (50% Retracement level)                        
  
  S2: 1.1500 (61.8% Retracement level)
  
  S3: 1.1467 (Daily lows)

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