EUR/USD closed lower due to profit taking on Wednesday as it consolidates some of the rally off March's low. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible near-term. If it extends this winter's decline, the 75% retracement level of the 2008-2009-rally crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.
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