The EUR/USD pair has showcased resilience, managing to strengthen against the dollar even as the latter saw an upswing in the previous session fueled by a robust CPI reading. The euro's buoyancy can be largely attributed to a hawkish stance adopted by several members of the European Central Bank (ECB), indicating a reluctance to consider a rate cut in the near term. This position is further supported by recent regional economic data surpassing expectations, suggesting that the ECB's tightening monetary policy could persist for extended periods. This scenario highlights the euro's strength amidst signals of the ECB's more cautious and prolonged approach to monetary tightening.
EUR/USD has eased from its bullish trend but remains in an uptrend trajectory. Suggesting that the bullish momentum is drastically easing.