Global macro overview for 01/09/2016:
The CB Consumer Confidence data were published lately and confidence among American shoppers improved unexpectedly in August. According to the Conference Board's monthly survey, the Consumer Confidence Index increased to 101.1 points in August, while the July's reading was at the level of 96.7. The majority of economists anticipated a slighter increase to the level of 97.1, but figures have beaten the expectations. In conclusion, this survey is closely correlated with consumer attitudes towards business conditions, personal finances, jobs and short-term outlook and we can clearly see, that the consumer sentiment still remains positive among Americans as the reading above 90 indicates an economic expansion.
Let's now take a look at the EUR/USD technical picture in 4H time frame. The key support at the level of 1.1122 had been tested twice so far, but the bull camp did not manage to bounce significantly and the pair rallied towards the next resistance at the level of 1.1243. This means the downside pressure is still strong and we should see the test of the next important support at the level of 1.1043 any time soon.
