Global macro overview for 21/06/2016:
The ZEW Economic Sentiment data was released this morning and it beat market expectations. The main indicator has increased from 6.4 points a month ago to 19.1 points, easily beating the expectations for 5.1 points. Moreover, the business sentiment towards the current situation increased as well to the level of 54.5 from 53.0 last month. In conclusion, these very nice results regarding a medium-term forecast about Germany 's economic situation indicate that there are more experts that are optimistic than those who are pessimistic.
Let us now take a look at the EUR/USD technical picture on the daily time frame. Bulls seem to be in control over this market as higher highs and higher lows are still being made and the market trades above the 100 and 200 DMAs. Only a clear breakout below the level of 1.1097 would change the outlook to bearish.