Global macro overview for 14/10/2016:
Another good news from the US jobs market was released yesterday. TThe US unemployment claims hit 43-year low as the number of the Americans filings for unemployment benefits remained at 246k, just as a week ago (despite an anticipated slight increase to 252k during the reported period). It was the 84th consecutive week of initial claims remaining below the 300,000 level, the longest streak since 1973. In conclusion, this data is another bit of information that will be used by the Fed policymakers to justify the interest rate increase in December this year.
Let’s now take a look at the EUR/USD technical picture on the 4H time frame. As we can see, the bulls weren’t strong enough to break above the dashed blue trend line and the price was rejected at the technical resistance at the level of 1.1043. The next important support is seen at the level of 1.0958 and this is where the price should head now.
The material has been provided by InstaForex Company – www.instaforex.com
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