Global macro overview for 31/03/2016:
The US ADP Non-Farm Employment Change data was released yesterday. The data turned out to be better than market expectations. The March job gain of 200,000 (against 195,000 expected, 205,000 prior) is consistent with the average monthly job growth in the previous four years. The services sector was the biggest contributor to the employment gain, creating 191,000 jobs. In conclusion, the increasing employment levels allow US households to spend more money, thereby boosting economic activity and protecting the world's biggest economy against external headwinds.
Let's take a look at the EUR/USD technical picture in the 4H time frame. Bulls are clearly in control over this market as the price is making higher highs and higher lows. Currently, bulls are under resistance at the level of 1.1376. If this level is violated, next target will be at the level of 1.1428.
