EUR/USD Forecast: Euro needs to clear 1.0760 to extend recovery

• EUR/USD holds above 1.0700 after closing in positive territory on Wednesday.
• ECB President Lagarde reiterated that they will continue to follow a data-dependent approach.
• US economic docket will feature Retail Sales and weekly Initial Jobless Claims data.

Following Tuesday’s sharp decline, EUR/USD staged a technical correction and closed in positive territory on Wednesday. The pair struggles to gather recovery momentum on Thursday and continues to fluctuate below 1.0750 as markets await US data releases.

The improving risk mood and retreating US Treasury bond yields made it difficult for the US Dollar (USD) to build on Tuesday’s rally that was fuelled by the stronger-than-expected Consumer Price Index (CPI) data.