Can EUR/USD Reach to 1.27 this week?

[robertfx]

Today Euro increased more than 80 pips against the US dollar from the opening of the markets in Europe. Change in the total quantity of domestic currency in circulation and deposited in banks climb to 3.8% from 3.2% for the previous month.

Expectations were for 3.3% and this was one of the accelerators for starting the faster growth of Euro. The most important event was that Spain sold more bills than its maximum target at an auction amid speculation the European Central Bank is readying measures to counter the debt crisis in the union. This week Spain’s Prime Minister Mario Rajoy prepares to meet with the President of the European Union Herman Van Rompuy in effort to solve funding problems in Spain. Now Binary Traders could buy “call” option around 1.2550. Intraday resistance at 1.2530 is broken and next border for bullish movement is 1.2560. Break there would lead to the topped high in the previous week 1.2588. Whole this strong bullish movement suggests that corrective pattern is already finished and up trend in four hour chart is actual. If we see break of the topped high of previous week the price of the Binary Euro could go for a test of sentiment zone around 1.2700.

Source: binaryoption