28.07.201608:40 Forex Analysis & Reviews: Global macro overview for 28/07/2016

Global macro overview for 28/07/2016:

The Durable Good Orders index is quite important indicator of the US economic output and big contributor to the US GDP. The recent data from this sector of economy did not matched the global investors expectations: the expected figure was at the level of 0.3%, a little higher from -0.4% last month, but the released number was -0.5%. Nevertheless, it is worth to mention, that the durable orders report stands in contrast to other recent data suggesting the US manufacturing sector stabilized in June. In conclusion, the US economists might lower their second-quarter growth forecasts as the inventories of durable goods fell for a sixth straight month.

Let's now take a look at the EUR/USD technical picture at the 4H time frame. The golden trend line has been violated after the yesterday's news and now the bulls are pushing the price higher towards the next resistance at the level of 1.1108 and 1.1169. Nevertheless, the market still trades inside of the post-Brexit congestion zone and neither bulls nor bears have a direct advantage right now. Sideways trend will continue until one of the sides will violate one of the important levels.