EUR/USD closed higher due to short covering on Thursday and above the 10-day moving average crossing signalling that a short-term low has likely been posted. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If it extends this year's decline, monthly support crossing is the next downside target.
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