EUR/USD closed lower due to profit taking on Monday as it as it consolidates some of last week's rally but remains above the 38% retracement level of the 2009-2010-decline crossing. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top might be near. If it extends the rally off June's low, the 50% retracement level of the 2009-2010-decline crossing is the next upside target.
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