FXstreet.com (C�rdoba) - The Euro managed to close the week higher against the Greenback despite the strong risk aversion that surrounded the markets amid weak US economic data which fueled worries of an US recession, and concerns over the health of the European banking system.

On Friday, EUR/USD staged a solid bounce from the 1.4250 area toward 1.4450 after Spain approved new budget measures although it retreated afterward. The pair hovers barely below 1.4400 and is on track to finish the week 0.87% above its Monday's opening, although the cross continues stuck inside its 1.4000/1.4500 longer-term range.

From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com, said " The EUR/USD is set to extend its range among the next week, lacking clear strength: is the battle of the less weak, and seems no one is able to win it. Slightly bullish, pair may spike near 1.4600 although seems difficult the euro may hold gains for long".

Looking ahead, Chris Walker analyst at UBS, said, "Ben Bernanke's Jackson Hole speech will be eyed by investors with speculation building that he may signal a move for further easing, although we view this as unlikely just yet".