FX.co ★ Global macro overview for 17/02/2017

Global macro overview for 17/02/2017:

The US house market data beat the expectations yesterday as the figure reached the highest level since November 2015. According to the Commerce Department, the building permits increased by 4.6% to a seasonally adjusted annual pace of 1,285k in January, following the previous month's upwardly revised 1,230k units and surpassing analysts' expectations for a 1,225k unit rate. The housing starts declined to 1,246k units, which was worse than a number of 1,276k from a month ago, but still better than expected number of 1,227k units. In conclusion, this overall stable data imply a steady level of investment and business optimism among the US house market investors.

Let's now take a look at the EUR/USD technical picture at the H1 time frame. The bulls tried three times to break out above the intraday resistance at the level of 1.0679, but finally gave up and the price returned to the trading range. Currently, the market is trying to test the next intraday support at the level of 1.0632 and any successful attempt might lead to another sell-off towards the level of 1.0600.