Global macro overview for 04/11/2016:
The Non-Farm Employment Change data published today were worse than market expectations. The US job market has created only 142k jobs last month, while market participants had expected an increase to 174k after 191k two months ago. The good news is that average hourly earnings gained 0.4% versus 0.3% expected and 0.2% prior. The unemployment rate remained at the same level of 4.9% (4.9% expected versus 5.0% prior). In conclusion, the readings are little below expectations, but overall it looks like another steady report on wages, which are showing some solid growth now.
Let's now take a look at the EUR/USD technical picture at the 4H time frame. No sign of a bullish breakout yet as the price has stopped at the technical resistance at 1.1103. Moreover, it starts to diverge from the momentum oscillator, so it might be the time for a corrective sell-off. The next support is seen at the level of 1.1040. Only a sustained break out above the recent swing high at the level of 1.1125 would invalidate the view.
