EUR/USD closed slightly lower on Wednesday but the mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are diverging but are neutral to bearish signalling that sideways trading is possible near-term. If June 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 reaction low crossing are needed to confirm that a short-term top has been posted.