EUR/USD closed lower due to profit taking on Friday as it consolidates below the 38% retracement level of the 2009-2010-decline crossing. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are overbought but remain bullish signalling that additional short-term gains are possible. If it extends the rally off June's low, the 50% retracement level of the 2009-2010-decline 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.
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