Global macro overview for 13/10/2016:
Yesterday the FOMC Meeting Minutes revealed the same point of view of the FED policymakers as was presented at the press conference two weeks ago. Thus, the Minutes didn't provide us any new infomation. The policymakers reassured again that the interest rate hike is very possible in December and some of the Fed members were concerned about recession risks, but not attributed them to the possible rate hike. In conclusion, the possibility of interest rate hike in December is now 64% according to CME Group FedWatch Tool.
Let's now take a look at the EUR/USD technical picture on the 4H time frame. We can see the market is currently pricing in the interest rate hike and this is why this pair is falling and bears have a full control over this market. The next support is seen at the level of 1.0958 and the next resistnace is seen at the level of 1.1043.
