24.02.201709:45 Forex Analysis & Reviews: Global macro overview for 24/02/2017

Global macro overview for 24/02/2017:

The US Jobless Claims rose 6,000 to 244,000 last week, which was a 2,000 more than the market analysts expected. Nevertheless, the underlying trend is still pointing out a steady and stable job market. Initial claims have been below 300,000, a threshold associated with a steady jobs market for 103 consecutive weeks, making it the longest trend in more than four decades.The four-week moving average for jobless claims decreased 4,000 to 241,000, the lowest level since 1973. In conclusion, the US job market is steady and stable, with unemployment rate below 5,0% and regular NFP Payrolls data averaging up to 200,000.

Let's now take a look at EUR/USD technical picture on the H4 time frame. After the gold trend line test from the upside, the market has stalled ahead of the technical resistance at the level of 1.0600. This is the most important level for bulls, so in order to continue higher, it must be broken in impulsive fashion. The support is seen at the level of 1.0566 in a case of a downside breakout.