EUR/USD closed higher on positive data for Europe's manufacturing and service sectors on Thursday and above the 10-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Friday. However, stochastics and the RSI are turning bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted. If it renews the rally off June's low, the 38% retracement level of the 2009-2010-decline crossing is the next upside target.