Euro falls from two-month high vs dollar

NEW YORK Jan 27 (Reuters) - The euro erased gains versus the dollar to trade slightly lower on Thursday, with traders citing profit-taking and a rebound in the greenback based on lower gold prices.

The euro last traded down 0.1 percent at $1.3682, after having earlier risen to a two-month high at $1.3760 EURJPY=EBS on trading platform EBS.

Traders said the euro has struggled to hold gains above key resistance around $1.3740, the 61.8 percent retracement of its drop from November to January, which prompted some investors to take profits.

Next key upside target lies at $1.3786, the Nov. 22 high.

Weakness in the gold market, which spurred some strength in the dollar, also contributed to the price move, analysts said. (Reporting by Wanfeng Zhou, Editing by Chizu Nomiyama)