The German Ifo business climate data came in at 94.6 in September in line with estimates. This is a modest increase from 94.3 in August.
However, the Ifo downplayed the increase in activity. It noted that this was by no means a change in the trend. The Ifo data comes just a day after the Bundesbank noted that German economic slowdown could continue into the third quarter of the year.
EUR/USD on Track to Test Resistance Level of 1.1030
The currency pair has managed to rebound following the recent declines. But the upside gains look limited for the moment. Price action will be potentially testing the resistance level of 1.1030. A reversal off this level will keep the currency pair to maintain the sideways range.
