30.05.201610:04 Forex Analysis & Reviews: Global macro overview for 30/05/2016

Global macro overview for 30/05/2016:

The week looks very interesting, so let's see what king of events will drag the most of the attention of the market participants. The first of the most important events of the week is the ECB rate decision and forecast that will be published on Thursday June 2nd at 12:30pm GMT. Also this day, the Organization of the Petroleum Exporting Countries (OPEC) will meet in Vienna to discuss the latest developments in Canada, Venezuela, and Nigeria. Moreover, a bunch of data will come from the overseas this week as the USA will release its employment indicators (ADP data, on Thursday June 2nd at 12:15pm GMT) as well as manufacturing and non-manufacturing PMI that could make or break the possibility of the Fed's interest rate hike in June. Besides, the PMI manufacturing data will be out in China at 01:00am GMT and in Great Britain at 08:30am GMT. In conclusion, it is a very busy week for traders!

Let's now take a look at EUR/USD technical picture in 4H time frame. The market clearly dropped below the long-term golden trend line and now it is testing it from below. Moreover, bears seem to be in control over this market as another lower low was made around the level of 1.1100. Currently, the most important support is at the level of 1.1056. If this level is broken, then the next one is around 250 pips lower, at 1.0821.