EUR/USD consolidating near 14-month tops, stuck in a range below mid-1.1400s

The EUR/USD pair was seen consolidating its recent upsurge to 14-month highs and oscillated within a 20-pips narrow trading range just below mid-1.1400s.

Thursday's US economic data showed an upward revision to the first-quarter economic growth, which to some extent was negated by an unexpected rise in the weekly jobless claims, did little to stall the ongoing US Dollar slump. 

Moreover, the recent hawkish comments by the ECB President Mario Draghi, despite a report that markets misinterpreted Draghi's remarks on stimulus, continued boosting the shared currency and helped the pair to build on its strong gains for the third consecutive session on Thursday. 

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The pair now seems to have entered a consolidation phase, following its latest upsurge of over 250-pips over the past three trading sessions, as investors now look forward to the release of the flash Euro-zone inflation figures for June before initiating any fresh positions.

Later during the day, the US economic docket would also be looked upon for some fresh impetus for the pair's movement through NY trading session.

Technical levels to watch

Bulls would be eyeing for a strong follow through buying interest beyond mid-1.1400s, above which the pair is likely to aim towards testing the key 1.1500 psychological mark en-route its next major hurdle near 1.1530-35 region.

On the flip side, the 1.1400 round figure mark now seems to act as immediate support, which if broken might prompt traders to take some profits off the table and drag the pair towards 1.1340 intermediate support ahead of the 1.1300 handle.