EUR/USD closed slightly lower due to short covering on Tuesday as it consolidated some of this year's decline. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but are bearish signalling that sideways to lower prices are possible near-term. If it extends this year's decline, monthly support 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.
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