EUR/USD will likely revisit the recent low of 1.1110, as suggested by technical charts, if the US non-farm payrolls and more importantly, the wage-price inflation, scheduled for release at 12:30 GMT today, blows past expectations.
The currency pair faced rejection at the trendline connecting March 20 and April 17 highs earlier this week after the Fed kept the interest rates unchanged and Chairman Powell pushed back expectations that the central bank's next move would be a rate cut by associating low inflation with transitory factors. Powell added further that the policymakers see no strong case for a move in either direction.
Pivot points
R3
1.1254
R2
1.1236
R1
1.1205
PP
1.1188
S1
1.1156
S2
1.1139
S3
1.1107