Global macro overview for 30/12/2016:
The initial jobless claims reports saw the light yesterday, revealing that the US job market is still very resilient as the layoffs are hovering around historically low levels. According to the Labor Department, initial unemployment claims declined by 10k to 265k during the previous week from a six-month high in the prior period. Market participants expected a smaller decrease from 277k to 275k. The US jobless claims stay below 300k for a 95th week in a row, which is the best result since 1970.
Let's now take a look at the EUR/USD technical picture on the 4H time frame. Yesterday's rally towards the technical resistance at 1.0671 was caused by poor liquidity during late American/early Asian session. Nevertheless, the market reversed quickly, and the intraday support for day-traders lies at 1.0505. The longer-term bias remains beraish.
