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EUR/USD closed sharply lower on Wednesday and tested the 38% retracement level of the 2008-2009-rally crossing. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. If it extends this week's decline, the 50% retracement level of the 2008-2009-rally crossing is the next downside target. Closes above the 10-day moving average crossing are needed to confirm that a short-term low has been posted.