EUR/USD Stops at High Resistance After German Ruling

EUR/USD was very nervous as the judges in Karlsruhe read their decision. The judges approved the ESM, rejected the complaints about the ECB and set some conditions.

For the moment, the pair stopped at the next resistance. Will it be broken soon?

Here’s how it looks on the charts: the pair traded between both lines as the court was making its live announcement:

EUR USD Tests High Ground After German Approval September 12 2012 — EUR USD Tests High Ground After German Approval – Click image to enlarge

1.29 was support in the spring. The next resistance is 1.2960, just before the round and tough 1.30 line. 1.2814 was a peak in May, and temporarily capped the pair just until yesterday. Further support is at 1.2740, but it is weak.

For more on the euro, see the EURUSD prediction.

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

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