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EUR/USD gapped down and closed lower on Monday ending last week's short covering rally. The mid-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If it renews the aforementioned decline, the 62% retracement level of the 2010-2011-rally crossing is the next downside target.