Germany gdp data last week suggested that Europe’s biggest economy shrank throughout the second quarter.
One week before that,Germany ZEW data was showing -44.1 figure.last time the figure was hovering around this number was Eurozone debt crisis in 2008.
If Europe “steam engine” keeps decreasing,demands will keep decreasing as well.
EURUSD is hovering around 16-months descending resistence and a support is formed in that area at 1.1023.
If the price breaks below the support level,the pair may fall down to 1.0950.