After reversing the corrective bounce, the EUR/USD remains lower

EUR/USD remains under pressure around 1.0710, following a reversal from 1.0760, as bears maintain control for the fifth consecutive day on Thursday. In doing so, the major currency pair validates policymakers at the European Central Bank (ECB) and the Federal Reserve (Fed). It is worth noting that the relatively upbeat US data compared to Europe appears to support the Fed's hawkish comments and weigh on the EUR/USD price.

However, Federal Reserve Governor Christopher Waller hinted at a protracted battle with a 2.0% inflation target by citing expectations of tighter monetary policy for a longer period of time than expected. In a similar vein, Governor Lisa Cook stated that the central bank is still focused on restoring price stability because inflation is still too high.

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