13.01.201711:58 Forex Analysis & Reviews: Global macro overview for 13/01/2017

Global macro overview for 13/01/2017:

The number of unemployed people in the US advanced less than expected last week. According to the Labor Department, initial claims rose 10,000 to 247,000 during the week ending January 7. This marked the 97th consecutive week that claims remained below the 300,000 level, the longest streak since 1973. Moreover, the report also showed that continuous claims dropped 29,000 to 2.09 million in the last week of 2016. In conclusion, the US jobs market is still performing very well and stable and if President Elect Donald Trump will keep his campaign promises regarding more construction spending and employment increase, the job figures might get even better.

Let's now take a look at EUR/USD technical picture in 4H time frame. The technical resistance at the level of 1.0669 has been breached, but now follow through so far. Moreover, the bearish divergence between the price and momentum oscillator suggests the up moves might be limited and a reversal is expected any time now.