02.11.201714:36 Forex Analysis & Reviews: Global macro overview for 02/11/2017

According to IHS Markit, the Eurozone Manufacturing PMI advanced to 58.5 points in October, up from 58.1 points in September and slightly below the earlier flash estimate of 58.6 points. The upturn was again led by a strong-performing core of Germany, the Netherlands, and Austria. PMI readings were unchanged in Germany and Austria, while the Netherlands PMI rose to its highest level since February 2011. The expansions in Italy (80- month record) and Spain (29-month high) both accelerated, while the France PMI held steady at September's 77-month high. Growth was also recorded in Ireland and Greece, meaning all of the nations covered registered expansions for the fifth straight month. However, Ireland and Greece both saw their respective rates of increase slow since the prior survey month. The growth of both output and new orders remained elevated, while the pace of job creation accelerated to a survey-record high.

Let's now take a look at the EUR/USD technical picture at the H4 time frame. The data did not influence the price movement much as most of it was priced in already. The market remains in a tight consolidation between 38% Fibo at the level of 1.1674 and technical support at the level of 1.1610. The momentum indicator is still trading below its fifty level, so the bias remains bearish.