FxWirePro: EUR/USD runs out of steam but maintains bullish outlook

• The EUR /USD pair edged lower on Tuesday as the dollar strengthened but held close to a 14-month low as investors added to bets that political turmoil in Washington will hit prospects of another Federal Reserve rate hike in coming months.
   
• Uncertainty was expected to carry on weighing on the greenback, after President Donald Trump ousted recently hired White House communications chief Anthony Scaramucci on Monday.
   
• The index measuring the greenback's value against a basket of six major currencies fell to its lowest levels since May 2016 on Monday and was trading a shade above that at 92.92 on Tuesday.
   
• Investors are also looking ahead to the U.S. non-farm payrolls data later this week and how that will affect the dollar.
   
• The ongoing upside is set to continue for this pair as the support level at 1.1730 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 1.1826, a break above this level would expose the pair to next resistance level at 1.1881.
   
• To the downside, immediate support can be seen at 1.1779, a break below at this level will open the door towards next level at 1.1730.
  
  Resistance Levels
  
  R1:  1.1826 (38.2% Retracement level)   
  
  R2: 1.1881 (23.6% Retracement level)    
  
  R3: 1.1900 (Psychological levels)
  
  Support Levels
  
  S1: 1.1779 (50% Retracement level)                        
  
  S2: 1.1730 (61.8% Retracement level)
  
  S3: 1.1668 (July 28th lows)

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