EUR/USD Forecast: Euro could correct lower before extending uptrend

EUR/USD came within a touching distance of 1.0900 early Thursday. The pair's near-term technical outlook points to overbought conditions. Mid-tier US data and Fedspeak will be scrutinized by investors later in the day. The pair stays in a consolidation phase early Thursday but holds comfortably above 1.0850 as market focus shifts to mid-tier data releases from the US and Fedspeak. The broad-based selling pressure surrounding the US Dollar fueled EUR/USD's rally midweek.

EUR/USD Technical Analysis The Relative Strength Index indicator on the 4-hour chart stays above 70 and EUR/USD trades above the upper limit of the ascending regression trend channel coming from mid-April, highlighting overbought conditions. If EUR/USD returns with the ascending channel by flipping 1.0870 into resistance, 1.0820 , mid-point of the channel) could act as strong support before 1.0790-1.0800 . On the upside, 1.0900 aligns as first resistance before 1.0940 and 1.0980 .

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