11 Jun 2013
German Constitutional Court Next: Impact on EUR/USD
FXstreet.com (Barcelona) - The shared currency would face headwinds today and tomorrow, as the German Constitutional Court will start the hearings regarding the legality of the ECB’s OMT programme. The final results however are expected no sooner than fall.
The pair is now accelerating its upside and challenging 1.3300 the figure, extending its bull run for the second consecutive session. Further upside will see the first hurdle at 1.3306 (June 6th high) followed by 1.3319 (February 25th high). On the opposite direction, support levels line up at 1.3177 (June 10th low) ahead of 1.3121 (10-day moving average).
“The hourly chart shows technical readings holding in positive territory, although with no upward momentum. Price stability above the 1.3240/50 area is required to confirm more advances, with 1.3300 as immediate resistance level to break”, suggested Valeria Bednarik, Currency Strategist at FXstreet.com.
The pair is now accelerating its upside and challenging 1.3300 the figure, extending its bull run for the second consecutive session. Further upside will see the first hurdle at 1.3306 (June 6th high) followed by 1.3319 (February 25th high). On the opposite direction, support levels line up at 1.3177 (June 10th low) ahead of 1.3121 (10-day moving average).
“The hourly chart shows technical readings holding in positive territory, although with no upward momentum. Price stability above the 1.3240/50 area is required to confirm more advances, with 1.3300 as immediate resistance level to break”, suggested Valeria Bednarik, Currency Strategist at FXstreet.com.