EUR/USD Holds Bullish Bias Ahead of ECB Meeting and US Inflation

The EUR/USD pair maintains its positive bias as the US Dollar remains depressed in the wake of the Bank of Japan's (BoJ) recent actions, causing a rally in the Japanese Yen.

However, traders are cautious and awaiting key events, including the European Central Bank's (ECB) meeting on Thursday and the release of US inflation figures on Thursday and Friday.

The technical setup suggests that the path of least resistance remains to the upside, with spot prices currently trading near 1.1630, up around 0.05% for the day.

A 25 basis point rate hike by the ECB is considered a done deal, but traders will be focusing on the central bank's outlook amid elevated inflation risks, which could impact the EUR/USD pair.