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EUR/USD extends the correction lower

FXstreet.com (Barcelona) - After hitting session highs in the vicinity of 1.2980, the bloc currency initiated a correction lower to the current area of 1.2930/35 alongside a recovery of the greenback.

Very interesting docket in the euro area on Thursday, as Spain will release its GDP figures for the first quarter followed by EMU’s Economic Sentiment and Consumer Confidence, all preceding an Italian auction of 5-year and 10-year bonds. Across the pond, the most relevant event will be the US GDP figures annualized, ahead of the weekly report on the labour market and Pending Home Sales.

The pair is now advancing 0.59% at 1.2932 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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