Despite pair’s retreat from the high of 1.3046 the odds of the corrective move remain, since the pair is trading well above the latest cyclical low of 1.2789 and has a bullish price-RSI divergence on the 4-hour chart.
Hence, another attempt at 1.30 could be made ahead of the non-farm payrolls report.
On a weak data, the pair could test falling channel resistance seen at around 1.3087. A 4-hour closing above the same would indicate a short-term bottom is in place and the pair is on a more sustained path of recovery.
On the other hand, a super strong data (strong NFP + strong wage growth numbers) could yield a re-test of 1.2789 levels.