Global macro overview for 03/01/2017:
The unemployment change data from Germany were released this morning and it were in line with market expectations. The unemployment rate remained at 6.0% in December just like a month ago, but unemployment claims (a report that tracks a change in the number of unemployed people during the previous month) decreased 17k, while market participants expected a 5k decrease after 6k decrease a month ago. The Eurozone economic powerhouse doesn't really slow down as all latest economic indicators were in line or beat market expectations. In conclusion, the jobs market and the German economy is still performing well in the very first days of the new year.
Let's now take a look at the EUR/USD technical picture in 4H time frame. The market has broken below the technical support at the level of 1.0505 and now is testing the last year's low at the level of 1.0351. The longer-term trend is still bearish and so far there are no signs of any trend reversal.
