• EUR/USD eased slightly on Wednesday, but downside was limited as investors waited for revisions to U.S. employment data and a speech by Federal Reserve Chair Jerome Powell.
• Investors are concerned that upcoming revisions to U.S. jobs data might reveal a weaker labor market than initially thought.
• That report could influence investor expectations regarding how explicitly Fed Chair Jerome Powell might signal monetary easing when he speaks at the Jackson Hole symposium on Friday.
• Technical signals are strongly bullish as RSI is at 72, daily momentum studies 5, 9 and 10 DMAs are trending up.
• Immediate resistance is located at 1.1131( 23.6%fib), any close above will push the pair towards 1.1160 ( Higher BB)
• Strong support is seen at 1.1101(Daily low) and break below could take the pair towards 1.1047 (38.2% fib).
Recommendation: Good to buy around 1.1080, with stop loss of 1.1000 and target price of 1.1120
