/ 

EUR/USD closed lower on Tuesday 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 high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought and are turning bearish hinting that a short-term top might be near. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted. If it extends the rally off June's low, the 50% retracement level of the 2009-2010-decline crossing is the next upside target.