Chair Jerome Powell and Producer Price Index (PPI) data for April in North American trading hours will be major triggers for the US Dollar as EUR/USD gives up some of its earlier gains during European trading on Thursday. Despite this, the major currency pair remains 0.2% higher, hovering just above 1.1200 at the time of writing. The recent de-escalation in the US-China trade war has led to a partial recovery for the US Dollar, with the US Dollar Index (DXY) climbing from an intraday low of 100.60 to near 100.85.During the European session, US Treasury Secretary Scott Bessent stated that the US and China are taking steps towards negotiating a trade deal to prevent further escalation in tensions. The Chinese Commerce Ministry has also suspended non-tariff measures against 45 US entities, which were imposed on April 4. This move follows the 90-day pause in the trade war and symbolic tariff reduction agreed upon by the two countries.Reaction will continue to play a major role in the US Dollar’s performance as investors await a speech from Federal Reserve Chair Powell and the latest PPI and Retail Sales data for April. The market will scrutinize Powell’s speech for any indication of a shift in monetary policy following the recent soft CPI data and temporary trade war truce.Short-term, EUR/USD may face resistance at the 20-day EMA around 1.1210, while the psychological support level of 1.1000 will likely hold for Euro bulls. On the upside, the April 28 high of 1.1425 remains a major resistance level for the pair. The 14-period RSI has recovered to the 50.00 level, indicating indecision among traders.