Good day forex traders!
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In the previous forecast of the EUR/USD we noted a possible bullish target of 1.3 if the resistance falls. With the ruling regarding the constitutionality of the European Stability Mechanism by the German Federal Constitutional Court due soon, we should be prepared for unexpected moves.
Solution : ProRealTime
Looking at the EUR/USD 4 hourly chart above, we note the unusual spike moments ago. If you are a regular reader, you should know of the ruling of the ESM event. Important economic events as such often produce volatility and hence it is important to be aware to prevent being caught off guard. The German court rejected attempts to block a permanent euro-area rescue fund and this paves the way to a concrete solution to the Euro Zone budget deficit crisis.
While the road ahead remains an uphill journey, investors are apparently pleased with the developments as equities are mostly green. This probably contributed positive sentiments to the markets.
If the EUR/USD maintains a hold above 1.28, the strong resistance of 1.3 may be next.
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