Global macro analysis for 04/08/2016:
Ahead of tomorrow's NFP Friday the ADP report published yesterday had revealed that the private sector added 179,000 jobs, slightly up from the previous month's upwardly revised reading of 176,000. Business services contributed 59,000 new jobs in July, whereas financial services firm added 11,000 new jobs in the same month. In conclusion, good figures from US job market might be a first good indicator of a better than expected NFP report tomorrow.
Let's now take a look at the EUR/USD technical picture at the 4H time frame. The price reversed at the level of 61%Fibo, just as indicated earlier in the week and now is heading towards the first important support at the level of 1.1118. The level of 1.2030 is now a lower high, which means the bears are in control over this market now.
