Global macro overview for 30/09/2016:
Another good news from US job market was released and this time it was Unemployment Claims. According to the US Department of Labor, the number of US citizens applying for unemployment benefits rose less than expected. The global investors anticipated quite a big 9,000 increase from 251,000 a month ago. Instead of that, the number released was only a 3,000 bigger than in the previous month. In conclusion, this is another steady number of unemployed, and as long as the average stays below 260,000 - 270,000, the FED will still have the argument to justify the interest rate increase in December 2016.
Let's now take a look at the EUR/USD technical picture on the 4H time frame. The overall bias remains bearish mainly due to the sequence of lower highs that constitutes the bear market. As long as the important levels are not violated, the market will remain in a sideway trading zone. The next support is seen at 1.1180, and the next resistance lies at 1.1254.