EUR/USD closed lower on Wednesday and the high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are diverging but turning bullish again signalling that sideways to higher prices are possible near-term. If it renews this year's rally, the 87% retracement level of 2009's decline on the weekly continuation chart crossing is the next upside target. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.