EUR/USD - EURUSD maintaining uptrend due to short-term dollar weakness - 01/28/2025 (GMT)

<Fundamental>
The short-term weakness of the dollar has led to a notable appreciation of the euro. There are varying opinions within the ECB regarding the future rate trajectory, but the prevailing sentiment strongly leans towards the necessity of further rate cuts. ING Group is confident that the ECB will cut interest rates by an additional 25bp at its monetary policy meeting this week and will pursue more gradual easing throughout the year. 

It’s also crucial to closely monitor Germany's 4Q GDP and Spain's January CPI results set to be released this week. Germany's GDP (QoQ) is projected to drop to -0.1% from 0.1% in the previous quarter, while the market anticipates Spain's January CPI to rise to 2.9% from 2.8% in the prior month.
<Technical>
EURUSD broke below EMA21 and retreated to 1.0430. However, the price is still holding an uptrend, sustaining bullish momentum. If EURUSD breaks above EMA21 and the resistance at 1.0455, the price could gain upward momentum toward 1.0530. Conversely, if EURUSD breaks below the channel’s lower bound, the price could test the support at 1.0400.