Despite the pair’s two-day rally and a bullish break from symmetrical triangle formation, the rejection at 1.3315 (23.6% of 1.5019-1.2789) could result in a minor drop to 1.3250 which could be extended even further to sub-1.32 levels in case the US non-farm payrolls and wage growth numbers beat market expectations.
On the higher side, a daily close above 1.3315 would open doors for a sustained rise to 1.3533 (June 29 high). Such a move is more likely if the wage growth figures disappoint expectations.