Global macro overview for 06/01/2017:
Another report from the US labor market in form of NFP Payrolls and Unemployment Rate data will be released today at 01:30pm GMT. Market analysts anticipated an increase in the unemployment rate from 4.6% to 4.7%. The rate fell in November to 4.6%, and the previous post-crisis low was 4.7% in May 2016. Before the financial crisis, it hit a low of 4.4%. The Non-Farm Employment Change should stay at a relatively unchanged level of 175k (178k was the last month release). In conclusion, the unemployment rate remains very low and close to the long-term natural rate of unemployment, so nonfarm payroll gains should be expected to be limited as the labour market is close to full employment.
Let's now take a look at EUR/USD technical picture in 4H time frame. A marginal low was made below the technical support at the level of 1.0351, but since then the market has bounced in impulsive fashion to the level of 1.0620. Curretnly, the price is trading quietly above the weekly pivot at the level of 1.0517 as market participants are waiting for the US jobs market data. The next resistance is seen at the level of 1.0660.
From www.instaforex.com http://ift.tt/2hZNlxf
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