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EUR/USD closed lower on Wednesday as it extends the trading range of the past six weeks. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible near-term. 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.