Global macro overview for 03/10/2016:
The ISM Manufacturing PMI data from the USA has surprised the global investors yet again as it was better than expected. The investors anticipated the slight increase to the level of 50.4 points after a quite low number of 49.4 a month ago, but instead of it, the released number was at the level of 51.4 points. The details of the report revealed that general business conditions are slowly improving with increased sales and sales lead across all manufacturing sectors. Moreover, the domestic and international sales are moving up slightly across all manufacturing sectors as well. In conclusion, it looks like the US economy machine grinds into expansion once again and the secondary GDP reading might beat the expectations.
Let us now take a look at the EUR/USD technical picture on the H4 time frame. The bear camp seems to still have control over this market as another lower high had been made last Friday. The market is still trading below the golden trend line, but none of the important support/resistance levels have been violated yet. The next support is seen at the level of 1.1150 and the next resistance is seen at the level of 1.1254.
