EUR/USD closed lower due to long covering on Monday as it consolidates some of this month's rally but remains below the 20-day moving average crossing. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signalling that sideways to lower prices are possible near-term. If it extends this month's decline, the 87% retracement level of 2009's 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.