FX.co ★ Global macro overview for 06/10/2016

Global macro overview for 06/10/2016:

The ADP Non-Farm Employment Change missed market expectations and printed only 154k jobs on a seasonally adjusted basis in September, instead of anticipated 166k jobs, official data revealed on Wednesday. The ADP report is released every month two days ahead of the NFP report, which is expected to log 171k new jobs for September, following the previous month's 151k jobs. In conclusion, the ADP data disappointed slightly, but still the NFP data might be pretty high or even surprise global investors.

Let's now take a look at the EUR/USD technical picture ahead of NFP news release. A marginal new low was made yesterday, but so far, no response from the bear camp has been seen. The market is still trading inside of the congestion zone between the technical support at 1.1120 and technical resistance at 1.1254. We are waiting for a breakout.