EUR/USD closed higher due to short covering on Friday as it extended yesterday's breakout above the 10-day moving average crossing. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are turning 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 renews this year's decline, monthly support crossing is the next downside target.
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