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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.