Global macro overview for 04/04/2016:
Data from the US job market surprised market participants as it turned out to be better than expected. The Non-Farm Employment Change was at the level of 215K vs. 205K expected. The US average hourly earnings increased to 0.3% from 0.2% a month ago. A slight disappointment was caused by the unemployment rate that climbed slightly to 5.% from 4.9% a month ago, driven up by a larger number of people looking for work. In January, the jobless rate declined below 5% for the first time since 2008 and remained there for the first two months of the year. In conclusion, it was a very solid report, full of good data that the Fed's officials will definitely take into account during the next meeting.
Now let's take a look at the EUR/USD technical picture in the H4 time frame. Bulls seem to be still in control after they made another higher high. There is no real sign of the bullish trend reveal in this time frame. Nevertheless, if the NFP low at the level of 1.1340 is violated and no immediate buy back will follow, than bears might push the price lower towards the next support at the level of 1.1220.
