/ EUR/USD closed lower due to profit taking on Wednesday as it consolidates some of the rally off June's low. The mid-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought but remain neutral to 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.