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EUR/USD closed lower on Wednesday over European debt concerns, which led to a resumption of the decline off December's high. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. If it resumes this winter's decline, the 75% retracement level of the 2008-2009-rally crossing is the next downside target. Closes above the 10-day moving average crossing are needed to confirm that a short-term low has been posted.