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Forex Flash: EUR/USD to remain in range if 1.2987 holds

FXstreet.com (San Francisco) - The Euro fell to 2-week lows around 1.2970 in the European session and after attempting to recover ground, the EUR/USD was capped at 1.3030 where the pair resumed its downtrend to trade below 1.3000 again. Now the pair is pricing at 1.2995, just above the key level of 0.2987.

"EUR/USD is testing sub-1.30 levels for the first time in two weeks," points TD Securities' analyst Shaun Osborne and Greg Moore, "but has not managed to clearly crack the 40-day moving average (currently at 1.2987) that has provided strong support recently."

TDS states that "unless we see a stronger move below that level, the pair should still be broadly range bound for now."

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