EUR/USD - 1.1618

Euro's rebound from Monday's 1.1572 low suggests re-test of last Thursday's 1.1624 high would be seen, however, as corrective rise from last Tuesday's 14-month bottom at 1.1525 is losing momentum, reckon 1.1664 (previous sup, now res) would cap upside and yield decline later today.

A daily close below 1.1572 signals correction is over and heads back towards 1.1525.

Data to be released on Tuesday:
Swiss trade balance, exports, imports, EU construction output.
U.S. building permits, housing starts, redbook, New Zealand GDT price index.

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