Global macro overview for 16/11/2015:
The eurozone inflation data has been released this morning and beat the expectations. The consumer price index was higher than anticipated (0.1% y/y vs. 0.0% y/y) and the core consumer price index jumped higher as well (1.1% y/y vs. 1.0% y/y). This means that Mario Draghi's worries about increased deflation threats in the eurozone might be out of the context as the current inflation readings are at the two-year highs. This upside surprise in inflation reading might encourage the ECB to think its prospect of a new round of monetary stimulus over, just when the Fed policy makers are inching closer to start the process of raising rates.
The EUR/USD pair has completely filled the opening gap and now is trading in the middle of the intraday range. The next support is seen at the level of 1.0704 and the next resistance is seen at the level of 1.0758.