• The EUR /USD pair declined on Wednesday as speculation the European Central Bank could step in to weaken the euro and dollar regained ground after strong U.S. economic data boosted expectations for a solid U.S. jobs report Friday.
   
• Investors suspect that ECB President Mario Draghi could be growing more concerned about the euro's rise, despite making no mention of the currency's strength at a central bank gathering in Jackson Hole, Wyoming last Friday.
   
• The euro was on track for its biggest daily percentage drop against the dollar in nearly four weeks, of about 0.6 percent, putting it back below $1.20 after touching a more than 2-1/2-year high of $1.2069 Tuesday. It last traded at $1.1906.
   
• The dollar gained after the Commerce Department said its second estimate of U.S. gross domestic product showed that it increased at a 3.0 percent annual rate in the second quarter, its quickest pace in more than two years.
   
• The ongoing weakness is set to continue for this pair as the resistance level at 1.1954 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 1.1919, a break above this level would expose the pair to next resistance level at 1.1954.
   
• To the downside, immediate support can be seen at 1.1883, a break below at this level will open the door towards next level at 1.1834.
  
  Resistance Levels
  
  R1:  1.1919 (50% Retracement level)       
  
  R2: 1.1954 (61.8% Retracement level)    
  
  R3: 1.2000 (Psychological levels)
  
  Support Levels
  
  S1: 1.1883 (38.2% Retracement level)                    
  
  S2: 1.1834 (23.6% Retracement level)
  
  S3: 1.1786 (Aug 2nd lows)