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Forex: EUR/USD remains trapped in a range

FXstreet.com (Córdoba) - The euro continues to trade within today's range against the dollar, consolidating above 1.3050 and holding up pretty well despite broad risk aversion.

EUR/USD started the week above 1.3100, but slowly retreated throughout the day before finding support at 1.3051 during the European session but with the subsequent bounce being capped by 1.3107, the cross was confined to a tighter range.

At time of writing, EUR/USD is trading around 1.3070, where it is 0.3% below its opening price. From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that technical readings hold a neutral stance in 4-hour chart, and points out that as long as EUR/USD ranges within 1.3040/1.3120 it will remain trendless.

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