EUR/USD closed higher due to short covering on Tuesday as it consolidates above the 62% retracement level of the 2008-2009-rally crossing. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are bullish hinting that a low might be in or is near. Closes above the reaction high 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.