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EUR/USD keeps highs around 1.2955/60

FXstreet.com (Barcelona) - The shared currency remains in weekly highs beyond 1.2950 on Wednesday, as the risk-on trade is now prevailing in the global markets.

Increasing risk appetite seems to be enough so far to offset mixed results from the German economy, showing higher inflation figures in May and a higher than expected increase of the unemployment change during the same period. Mixed data from the EMU also showed that Private Loans contracted 0.9% on a yearly basis and the M3 Money supply surpassed the median, rising 3.2% YoY.

The EUR/USD is now advancing 0.78% at 1.2957 with the next resistance at 1.2974 (MA21d) ahead of 1.2994 (high May 24) and finally 1.2998 (high May 22). On the downside, a drop beyond 1.2821 (low May 23) would clear the way to 1.2809 (low May 20) en route to 1.2796 (low May 17).

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