EUR/USD closed lower on Thursday as it consolidates below the 50% retracement level of the 2008-2009-rally crossing. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are diverging and have turned neutral hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If it extends this winter's decline, the 62% retracement level of the 2008-2009-rally crossing is the next downside target.