Global macro overview for 25/01/2016:
The German Ifo index data has been released this morning disappointing market participants. The main component of the index, Ifo Business Climate, came in at the level of 107.3 points, lower than expected 108.6 points. Moreover, the rest of the Ifo index components of were lower-than-expected as well: the Ifo expectation index came in at 102.4 points against the forecast of 104.0 and the Ifo current assessment index hit 112.5 points while analysts had foretasted 112.8 points. Nevertheless, despite the lower-than-expected figures, the main trend for the Ifo business climate index is still steady and slowly increasing as it oscillates are between a low of 103.0 (November 2014) and high of 109.2 (December 2015). The point is that the sentiment in the manufacturing, construction, wholesales and retail sales is positive and steady in current economic conditions, so spending, hiring, and investment in Germany and the EU should follow the same path as the sentiment.
Now let us analyze the technical side of the EUR/USD pair after the data was released. The dashed blue trend line still provides the dynamic support around the level of 1.0800. Any breakout below this level should put the next support at the level of 1.0776 to test. In case of a bounce, the next resistance is seen at the level of 1.0858.
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