12.07.201610:05 Forex Analysis & Reviews: Global macro overview for 12/07/2016

Long-term review

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Global macro analysis for 12/07/2016:

After the NFP Payrolls data revealed on Friday another figures from the US job market were published. The Labor Market Condition Index (LMCI), that is prepared by the Fed, continued to slow in June but at more moderate pace. The index showed a 1.9 point decline in June compared to a revised drop of 3.6 points in the previous month. This decline was the sixth in a row, so the disappointing downtrend is still continuing. In conclusion, despite the very good NFP figures, the US job market does not show a sustained improvement and it will need more good data in the coming months to convince the Fed's policymakers to hike the interest rate again this year.

Let's now take a look at the EUR/USD technical picture in the 4H time frame. After the NFP data the marked decreased a little, but still the bull and bear cams are fighting to take the control over this market. The next support is seen at the level of 1.1000 and the next resistnace is seen at the level of 1.1185.

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