EUR/USD Forecast: Euro approaches key resistance area

• EUR/USD recovered above 1.0750 following a two-day decline.
• The pair could encounter stiff resistance near 1.0800.
• Investors will continue to pay attention to central bank commentary and risk perception.

EUR/USD registered small gains on Tuesday and continued to push higher toward 1.0800 early Wednesday. The pair needs to flip that level into support to attract technical buyers.

The renewed US Dollar (USD) weakness helped EUR/USD gain traction on Tuesday. In the absence of high-tier macroeconomic data releases, the USD struggled to find demand as the benchmark 10-year US Treasury bond yield corrected lower following the impressive upsurge that was fuelled by the upbeat January jobs report late last week.