Euro Outlook EUR/USD gained strong upside momentum and is trying to get to the test of the resistance at 1.1870 as the U.S. dollar is losing ground against a broad basket of currencies. The U.S. Dollar Index is currently testing the nearest support level at 92.80 amid optimism about the U.S. stimulus deal. In case the U.S. Dollar Index manages to settle below the support at 92.80, it will gain additional downside momentum and decline towards 92.50 which will be bullish for EUR/USD. There are no important economic reports scheduled to be released today in the U.S. and EU so traders will focus on U.S. stimulus negotiations and developments on the Brexit front, although the first days of this week brought no news about negotiations between EU and UK. U.S. Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi have moved closer to a compromise, providing support to riskier assets and putting pressure on the American currency. Currently, the market believes that Mnuchin and Pelosi will be able to negotiate a deal by the end of this week. If negotiations stall, the U.S. dollar will get a boost which will be bearish for EUR/USD.