• The EUR /USD pair dipped on Monday as investors booked profits after gains in the previous session on a U.S. employment report that underwhelmed expectations, but dollar still looking exposed to any renewed optimism from a European Central Bank policy meeting this week.
   
• European Central Bank policymakers meet this week. They are expected to take a more benign view of the euro zone economy and discuss dropping pledges to ramp up economic stimulus if needed.
   
• The euro fell over 0.3 percent to $1.1244, compared to Friday's high of $1.1285.
   
• Further downside in this pair is expected to be limited as the pair finds strong support at 1.1200 which should limit downside and bring rebound back to higher side.
   
• To the upside, the immediate resistance can be seen at 1.1274, a break above this level would expose the pair to next resistance level at 1.1300.
   
• To the downside, immediate support can be seen at 1.1237, a break below at this level will open the door towards next level at 1.1200.
  
  Resistance Levels
  
  R1:  1.1274 (38.2% Retracement level)   
  
  R2: 1.1300 (Psychological levels)              
  
  R3: 1.1320 (23.6% Retracement level)
  
  Support Levels
  
  S1: 1.1237 (50% Retracement level)                        
  
  S2: 1.1200 (61.8% Retracement level)
  
  S3: 1.1163 (May 31st lows)