The euro currency managed to hold on to the gains from the ECB meeting on Thursday. The common currency posted modest gains on Friday. The trade surplus report for July showed an increase. On a seasonally adjusted basis, eurozone’s trade surplus rose to 19 billion from 17.7 billion in June. Exports gained 6.2% while imports rose 2.3% on the year ending July.
EUR/USD Could Retest Support
The upside momentum looks to be fading at the moment. As a result, this could push the common currency lower to test the support at 1.1030. Establishing support at this level will open the upside bias. The resistance level at 1.1140 will be the likely target in the near term. However, a breakdown below the support could keep EURUSD back to the sideways range.