Global macro overview for 12/08/2016:
According to the Labour Department, the weekly number of people filing for unemployment benefits went down to the level of 266k, a 6k less than the expected number, but still in line with the previous week. This data indicate, that initial claims have been below 300k in 75 weeks in a row now and so far the steady downtrend is still present. Moreover, this is the longest streak since 1970 and so far there is no indication of any change in the near future. In conclusion, the weekly initial claims are supporting the good conditions in US labour market. The data-depended FED must be closely monitoring this releases and the chances for another rate hike are steadily rising.
Let's now take a look at the EUR/USD technical picture in the 4H time frame. The golden trend line still provides the dynamic resistance for any bullish rally and as a result of this the market trades in the middle of the trading range in a horizontal trend. The next support is seen at the level of 1.1002 and the next resistance is seen at the level of 1.1189.
