Global macro overview for 28/12/2016:
CB Consumer Confidence data from the US was released yesterday and it surprised global investors. The index is based on Conference Board's monthly survey of about 5,000 US households regarding their opinion on the economy. For the last month, the consumer confidence index climbed to the highest level since 2001 as Americans became more optimistic about the economy in December. Market participants anticipated a slight decline to 108.9 points from 109.4 points a month ago, but the number released at the level of 113.7 beat all expectations. In conclusion, Americans expect business conditions, stock prices and the job market to strengthen further, following Donald Trump's victory in the US presidential election in November.
Let's now take a look at the EUR/USD technical picture on the 4H time frame. The technical resistance at the level of 1.0505 wasn't violated as the market failed to break out above the weekly pivot at the level of 1.0481. Currently, bears are in control over this market and the next support is seen at the level of 1.0363 - 1.0351.
