Global macro overview for 06/12/2017

Moods in the European services sector are still quite satisfying. At least, this is the result of the newly revised PMI indicators for the leading economies of the Old Continent, which gives optimism before the GDP dynamics estimates for the last three months of the year. The Spanish, Italian and French PMI Services and PMI Composite data were all better than expected and German data were only slightly worse than anticipated. Overall, the PMI Services in the Eurozone remained unchanged at the level of 56.2 and PMI Composite reminded at the level of 57.5 points.

The Eurozone's economy is still performing very well. Regarding the two largest Eurozone's economies, faster growth was recorded in both France and Germany. Elsewhere in the region, economic momentum slightly lost steam. Nevertheless, according to the European Commission, the Eurozone Economic Sentiment rocketed to the highest level since October 2000.

Let's now take a look at the EUR/USD technical picture at the H4 time frame. The market fell out of a triangle and currently, the price is testing the technical support at the level of 1.1807 for the second time. If this support is violated, then the next technical support is seen at the level of 1.1725. The momentum indicator is below its fifty level, but the market is starting to become more oversold at the current levels.


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