FxWirePro: EUR/USD stuck in range but maintains bullish bias

The EUR/USD pair has declined towards lower levels on Monday as the US dollar gained strength across the board as investors remained cautious ahead of Wednesdays FOMC Meeting.

• At the moment the pair is trading around 1.0962 levels and it is expected to rebound towards 1.1150 and 1.1200 levels as the support level at 1.1040 is set to hold the bears from falling further below, and bring rebound towards higher levels in the short term.
   
• Technically in the 4 hour chart the 55, 30 and 20 MA depicts a clear bullish trend above the current price action, the RSI is indicating upwards at 53.

• To the upside, the strong resistance can be seen at 1.1177, a break above will take the pair towards next resistance level at 1.1223.
   
• To the downside immediate support can be seen 1.1078 levels, a break below will open gates towards 1.1049 levels.
  
  
  Resistance Levels
  
  R1: 1.1127 (38.2% Retracement level)
  
  R2: 1.1177 (Daily high)
  
  R3: 1.1223 (23.6% Retracement level)
  
  Support Levels
  
  S1: 1.1078 (Daily lows)
  
  S2: 1.1049 (50% Retracement level)
  
  S3: 1.0970 (61.8% Retracement level)