Global macro overview for 08/08/2016:
The Industrial production data from Germany had been published this morning and they were worse than expected. The previous month saw a decline to -0.9% m/m, so for this month the market participants have expected a better number, just at the level of 0.9%/m/m. Nevertheless, the data were released at the level of 0.8%, which wasn't that bad, but still worse than expected. In conclusion, the Eurozone power engine is not stopping and works quite well with an unemployment at a record low, but still it not always up to economists expectations.
Let's now take a look at the EUR/USD technical picture at 4H time frame. The market plunged after the Friday's NFP data from USA, and now it is trading around the middle of the trading zone. The high at the level of 1.1230 might be considered as a lower high, in which case the bears should take the control over this market and push the price towards the next support at the level of 1.1028.
