Global macro overview for 23/02/2016:
The EU flash services and manufacturing PMIs were released yesterday. The countries which are the most important for EU economic stability, like Germany and France, reported a worse than expected figures for the previous month. Perhaps, this is why the whole EU had reported weaker figures for the both sectors as well (manufacturing PMI 51.0 vs 52.0; services PMI 53.0 vs. 53.4). As growth in the services and manufacturing sectors of the euro zone slowed in February, it casts further doubts over the strength of the currency bloc's recovery. This is why there is a chance that the ECB will expand the size of its 60 billion euros-a-month asset-buying programme next month, and another deposit rate cut is likely to be done.
Let's now take a look at EUR/USD technical picture after the data were released. The key support at 1.1059 is violated, and the bears have a full control over the market. The next support is seen at 1.0984.