EUR/USD closed higher due to short covering on Friday as it consolidates above the 62% retracement level of the 2008-2009-rally crossing. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are diverging but are turning neutral to bullish hinting that a 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 resumes this winter's decline, the 75% retracement level of the 2008-2009-rally crossing is the next downside target.