EUR/USD Forecast: Hawkish ECB commentary to help Euro stay resilient

• EUR/USD started to edge higher toward 1.0950 following Monday’s subdued action.
• The near-term technical outlook points to a build-up of bullish momentum.
• Hawkish comments from ECB officials could continue to support the Euro.

EUR/USD failed to make a decisive move in either direction to begin the week and closed virtually unchanged on Monday. Early Tuesday, the pair started to stretch higher toward 1.0950. In the absence of high-impact data releases, comments from central bank officials could impact the action.

The US Dollar held resilient against its major rivals on Monday as the benchmark 10-year US Treasury bond yield recovered toward 4% in the first half of the day. As major equity indexes in the US edged higher following a mixed opening in Wall Street, however, the USD failed to gather recovery momentum and allowed EUR/USD to remain within a tight range.