EUR/USD picks up bids to refresh intraday high near 1.0340 while snapping a three-day downtrend during early Wednesday. In doing so, the major currency pair prints mild gains, up 0.15% intraday by the press time, amid the upbeat signals from the options market and cautious mood ahead of crucial data events.

Among them, Federal Reserve (Fed) Chairman Jerome Powell’s first public appearance since the November Federal Open Market Committee (FOMC) meeting and Eurozone inflation for November, per the Harmonized Index of Consumer Prices (HICP) indicator, will be important to watch for clear directions.

Also read: EUR/USD closing in most bullish month in 12 years ahead of Eurozone inflation, Federal Reserve talk

That said, the one-month risk reversal (RR) for the EUR/USD pair, the ratio between call and put premiums, braces for the biggest weekly print in three by flashing 0.0025 at the latest. In doing so, the weekly RR rises for the second consecutive week. The daily RR, however, probes the pair buyers as it prints a -0.040 figure.

It should be observed that the recently softer inflation data from Germany join the hawkish hopes from Fed Chair Powell and looming recession concerns over the Eurozone to keep the EUR/USD bears hopeful.