EUR/USD closed higher due to short covering on Friday as it consolidates some of this month's decline. The high-range close sets the stage for a steady to higher opening on Monday. 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 2009 low on the weekly continuation chart 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.