Euro Rebound, Resistance 1.1330 - Stochastic indicator which is in overbought territory and provide an opportunity to move up the euro rebound. However the MACD moving down is likely to limit the strengthening of the euro.
The focus today is focused on the data of US existing home sales, and the comments of President Reserve Atlanta, Dennis Lockhart. The dollar could bounce back if Lockhart showed his confidence will hike interest rates this year.
Euro needs to pass through 1.1330 resistance to continue strengthening towards 1.1400 area. While the nearest support is around 1.1260, a break below that area will bring the euro down towards 1.1210 area.
