Forex: EUR/USD off lows but still in range

FXstreet.com (Córdoba) - The euro slid to a fresh daily low of 1.3414 against the dollar ahead of the New York opening, but quickly found buyers and bounced to the 1.3440 area, which has became a comfort zone for the currency.

After hitting a fresh 11-month high of 1.3478 last Friday, EURUSD entered in a consolidative stage that has extended throughout this week, with the pair oscillating within 1.3415/1.3475, unable to pick up enough steam to define a decisive move. At time of writing, EURUSD is trading around 1.3445, little changed since opening.

"EURUSD has been slightly better sold in recent hours, but remains within the range of the past few days, and importantly above 1.3400", says the TD Securities team. "In the case of a break below there we could see a quick slide toward the upper 1.32 area, although the strong bullish trend suggests a greater risk of an upside break (of 1.3476) with 1.36 the initial target above".