Global macro overview for 22/12/2016:
The US Durable Goods Orders data are scheduled for release today at 01:30 pm GMT. The market participants are looking for a quite substantial decrease of -4.9% on monthly basis after 4.8% increase last month. This would be the first monthly setback since June 2016. The main reason for such a sharp decline in expectations is the last week's hard data on industrial production. The manufacturing sector in the US is trying to rebound quite successfully so far, as the Markit's PMI ticked up to a 21-month high in this month's flash estimate. Will that expectations met the hard core data, we will find out just in a couple of hours.
Let's now take a look at the EUR/USD technical picture at the 4H time frame. A marginal lower low at the level of 1.0351 was made yesterday (another confirmation of an ongoing bearish trend), but the market bounced toward the immediate technical resistance at the level of 1.505. Nevertheless, the bulls were too weak to even break out above the weekly pivot at the level of 1.0481 and the market is still trading sideways just before the data release.
