The US dollar weakened after the Q4 GDP failed to impress. The euro gained momentum after it broke above 1.1130 which sits next to the 30-day moving average.
1.1230 at the origin of the March sell-off is a major resistance where medium-term sellers might be waiting to double down. Further pressure could be expected if intraday buyers take profit as the RSI shows a double top in the overbought area.
1.1070 is a fresh support. 1.0980 at the base of the current breakout is an important level to safeguard the rebound.
