Global macro overview for 21/01/2016:
The most anticipated fundamental event of the week will take place today at 01:30 GMT when the ECB announces its interest rate decision together with deposit facility rate. Market participants expect the ECB to leave the rate unchanged a the level of 0.05% and the same view is shared for the deposit facility rate (unchanged at the level of -0.30%). Some analysts think the ECB will add additional stimulus next week. The main reason behind that anticipation is turmoil in the Chinese market that started a major sell-off in global stock markets along with a recent drop in oil prices. Booth events will continue to put downward pressure on inflation rate, so the ECB might implement even more serious measures in March after the possible QE extension in December.
The EUR/USD pair bounced from the trend-line support, but is currently trading inside the range, waiting for the ECB's news event. Support is seen at the level of 1.0859 and next resistance is seen at the level of 1.0992.
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