Global macro overview for 31/08/2016:
Another set of data from the US jobs market is scheduled for release today. However, the August nonfarm payrolls are considered to be the next test for the dollar's rise. The NPF report is scheduled for release on Friday at 12:15pm GMT. Market participants expect the number of newly employed people in the US to be quite steady at the level of 174k, a 5k lower than last month figure. If the released print is be better than expected, the US Dollar should continue to rally as the interest rate hike possibility in September will get more probable. Nevertheless, the most important data will still be Friday's NFP, so the rally might be limited.
Let's now take a look at EUR/USD technical picture in 4H time frame. The market has slightly bounced from the technical support at the level of 1.1127, but so far it failed to rally higher. Moreover, after the lower high at the level of 1.1365, bears are now in control of the market and might push the price even lower toward the next technical support at the level of 1.1043.
