The common currency closed on Friday, marking a four-day gain. The gains in the common currency came amid a weaker USD. Economic data continues to remain sparse from the eurozone.
On Friday, the current account data saw the surplus widening in August. The surplus rose to 27 billion euro, up from 22 billion from a month ago.
EUR/USD Steady Towards 1.1177 Resistance
The currency pair’s strong bullish momentum is keeping it on track to test the resistance level of 1.1177. The currency pair will likely test this level and bounce off to the downside.
The bearish divergence on the Stochastics hints at a possible reversal. The initial downside comes in at 1.1075 – 1.1062.
