Brazil`s traditional diplomatic strategy is “balancing the US position and bandwagoning the EU”. However, these realistic views, namely, balancing and bandwagoning, have not explained the strategic choice of Brazil. This paper discusses the evolution of the relationship between Brazil and the EU and attempts to redefine their bilateral relation. Three current situations and hypothetical developments are used as the main axis of the structure of the article: the economic alliance between Brazil and the EU, a multilateral strategic partnership between both parties and bilateral relations as both a partnership and a competition. The relations between both parties have shown a strategic alliance formed by the link of the issue, which excludes the cooperation on hard military issues and selects the alliance on soft issues. The concept with both balancing and bandwagoning is adopted to reach a diplomatic consensus that provides compromise without the loss of autonomy to construct the Brazil`s diplomatic strategy of “soft balancing”.