EUR/USD closed higher on Thursday while extending the trading range of the past five weeks. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 138.340 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.