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EUR/USD in highs around 1.2975/80

FXstreet.com (Barcelona) - The single currency is posting fresh highs on Thursday, climbing to the area of 1.2975/80 ahead of the Spanish GDP results.

Prior surveys expect the economic activity in Spain to have contracted 0.5% inter-quarter and 2.0% on a yearly basis during the first quarter vs. previous prints at -0.8% and -1.9%, respectively. Further results in the euro area will see the EMU’s Economic/Consumer/Services Sentiment ahead of the Italian auction of bonds maturing in 5 and 10 years.

The pair is now advancing 0.25% at 1.2974 with the next resistance at 1.2994 (high May 24) and then 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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