11.10.201611:48 Forex Analysis & Reviews: Global macro overview for 11/10/2016

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Global macro overview for 11/10/2016:

The ZEW Economic Sentiment Survey data were released this morning at it turned out to be better than expected. The overall ZEW Economic Sentiment for the eurozone was at the level of 12.3, way better than 6.3 points expected and 5.3 points a month ago. Moreover, in Germany the ZEW Economic Sentiment increased to the level of 6.2 points from 0.5 points a month ago (4.2 points were expected). In conclusion, sentiment has improved but it still remains below pre-Brexit levels. While the hard data currently suggests the Brexit impact has been muted, confidence still clearly remains fragile with the occasional increase.

Let's now take a look at the EUR/USD technical picture in the 4H time frame. The post-NFP rally has been completely retracted and now bears are testing the important support at the level of 1.1103. If this level is clearly violated, then the next support is seen at the level of 1.1043.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.