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Global macro overview for 07/07/2016:
The yesterday's FOMC Metting Minutes revealed a cautious tone from the policy makers regarding further interest rate hike and economic outlook. The Fed's members might wait now until the end of the year to hike interest rate again. The main reason behind the wait-and-see approach is the unexpected Brexit vote and the following uncertain consequences of this situation. This dovish tone of the minutes reflects one more concern about the weak NFP Payrolls data from the last month period. The minutes suggested that there would need to be data improvement and that was even before having to deal with the fallout of a Brexit. In conclusion, the concerns over global growth are still present.
Let's now take a look at the EUR/USD technical picture in the 4H time frame. The technical resistance at the level of 1.1180 is still capable of stopping any rally as bulls are still trying to retrace more than 50% of the latest swing down. Nevertheless, the bear camp seems to be in control over this market and the next support is seen at the level of 1.1023.
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