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Global macro overview for 15/11/2016:
The German preliminary GDP data released this morning disappointed global investors as the data missed the expectations. The GDP for the third quarter was released at the level of 0.2% (1.5% y/y), which was worse than last quarter figure of 0.4% (3.1% y/y) and worse than expectations of 0.3% (1.8% y/y). It's still early in the current quarter, but a slow pace of growth in Germany and the rest of the Eurozone is expected to continue in the fourth quarter. In that case, weaker-than-expected figures in the next GDP release might be an early warning that the prospects for faster Q4 growth are due for a downgrade.
Let's now take a look at the EUR/USD technical picture at the 4H time frame after the data was released. The bulls tried to rally higher, but they didn't manage to break out above the technical resistance at the level of 1.0849. Because there is still no divergence forming, the bears are still in control over this market and still might push the prices below the local low at the level of 1.0709. Only a sustained violation of the resistnace at the level of 1.0849 would temporary change the bearish bias.
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