In what could be more trouble for Germany, the latest Ifo business survey fell to the lowest level since 2012. The business index fell to 94.3, following a revised 95.8 in July. The data missed estimates of 95.1. The declines come in the backdrop of the German economy contracting 0.1% in the second quarter.
EUR/USD Fails to Break Resistance at 1.1140
The currency pair failed to capitalize on the gains after it briefly rose above the resistance level of 1.1140. Failure to close higher has led the common currency to extend its declines. Price is currently trading back within the range of 1.1140 and 1.1065. However, the bias remains to the upside for the moment. Unless there is a strong breakdown below 1.1065, we expect the EURUSD to attempt breaking the resistance level once again.
