Global macro overview for 26/09/2016:
Today the first presidential debate will be held in the United States (there are three altogether). Markets should wait for this debate and start to react on Tuesday because it will begin at 01:00 am GMT time.
Regarding Donald Trump, viewers will expect all the worst possible, and all the best possible is currently attributed to Hilary Clinton. Just because of that, if Trump doesn’t make any big mistakes, he will win the debate in the eyes of the Americans. According to analysts, the prospect of Trump’s presidency should scare the markets, but I do not have such confidence because there are different opinions on this subject in the US.
Let’s now take a look at the EUR/USD technical picture on the 4H time frame. The market is still trading below the important resistance at the level of 1.1254, still inside of the weekly range. None of the key zones has been violated yet (1.1100 – 1.1120 is the support zone, 1.1254 – 1.1284 is the resistance zone), so the slow and steady sideways market is still expected here.
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