The markets aren’t waiting for Spain to say “I do” – the German nod for the ECB’s bond buying program and the progress of plans within the ECB is already boosting the euro, to highs last seen in early July. It has broken important resistance and is now nearing uptrend resistance. The result was also seen in a successful bond auction in Spain. Will Spain make the move in Friday’s regular cabinet meeting? EUR/USD is now trading at 1.2467, after reaching a peak of 1.2474 earlier. It made a convincing break above 1.2440 – a line that capped it earlier in the month. The next resistance line is only at 1.2520, as seen on the graph. Also note the EUR USD Rises on Upcoming Spanish bond buys – Click image to enlarge There are two German members on the ECB board: one is the head of the Bundesbank, Jens Weidmann, who opposes bond buys. But the other one, JÃ¶rg Asmussen, was conveniently on vacation during the last ECB meeting, has now expressed his support. Asmussen is close to Angela Merkel, making his support even more important. In addition, the committees in the ECB made significant progress in setting up plans. Though there is a dispute about the details, the ECB is dead serious. Yet, in the Blood Wedding of austerity, the Spanish bride still has to say “I do” – ask for aid – a complete U-turn from previous statements. In addition, the move comes with “conditionality” – an unknown amount of more austerity, which Spain has already taken. Spain already enjoyed the news from Asmussen: a bond auction for 12 and 18 months held earlier resulted in significantly lower yields than the previous one. The Spanish government holds regular meetings on Fridays. These are often accompanied by announcements on new measures. Will Mariano Rajoy make the move? For more on the euro, see the EUR USD prediction. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next AUD/USD: Trading the Chinese Flash PMI Aug 2012 Kenny Fisher 10 years The markets aren't waiting for Spain to say "I do" - the German nod for the ECB's bond buying program and the progress of plans within the ECB is already boosting the euro, to highs last seen in early July. It has broken important resistance and is now nearing uptrend resistance. The result was also seen in a successful bond auction in Spain. Will Spain make the move in Friday's regular cabinet meeting? EUR/USD is now trading at 1.2467, after reaching a peak of 1.2474 earlier. It made a convincing break above 1.2440 - a line that capped it earlier… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.