The main fundamental event for today is the publication of the US labor market statistics for August. Unemployment rate is expected to decline from 5.3 % to 5.2%, and Nonfarm Payrolls should rise from 215K to 220K.
Leading indicators are not so positive. ADP Non-Farm Employment Change though rose by 190K in August but failed to comply with the forecast. At the same time, Challenger Job Cuts grew slightly, by 2.9%. Initially and Continuing Unemployment Claims increased from 274K to 276K and from 2242K to 2260k, respectively, compared with July. Thus, today, Nonfarm Payrolls may come worse than expected.
Given the leading indicators statistics, the USD is likely to weaken during the day, and the EUR/USD pair may reach the levels of 1.1200 and 1.1250. In case of positive NFPR statistics, the pair will resume its decline towards 1.1100, 1.1040 and 1.0990.