EUR/JPY - Euro bulls continued to advance deeper into the yen held territory as single currency longs managed to push the cross above the psychologically important 140.00 handle. As long as the upward channel remains intact the price action will maintain an upward bias and with the next move to the upside most likely seeing the euro longs break above the 141.20, a level marked by the 2005 high. A further move to the upside will most likely see the euro longs test the yen defenses around 141.61, a level established by the December 30, daily high. Indicators are favoring euro longs with both momentum indicator and positive MACD treading above the zero line, while neutral oscillators give either side enough room to maneuver.

EUR/CHF - Euro longs followed though on their counterattack and pushed the Swiss Franc longs toward the psychologically important 1.5500 handle. A further move to the upside will most likely see the cross test the Swissie offers around 1.5525, a level marked by the 23.6 Fib of the 1.5079-1.5661 EUR rally. A sustained momentum on the part of the single currency longs will most likely see the cross head higher and test the offers around 1.5575, a level established by the October 18 daily high. Indicators favor the Swiss Franc longs with both the momentum indicator and negative MACD treading below the zero line, while neutral oscillators give either side enough room to maneuver.

EUR/GBP - British pound bulls failed to hold off the euro longs as they once again pushed the cross above.6726, a 23.6 Fib of the .7106-.6609 GBP rally. A further move to the upside will most likely see the cross head toward the .6900 handle and with sustained momentum taking on cable defenses around .6917, a level marked by the 61.8 Fib of the .7106-.6609 GBP rally. Further advance on the part of euor long will most likely see the cross head higher and test the pound offers around .6968, a level established by the August 5 daily high. Indicators are diverging with momentum indicator above the zero line and negative MACD sloping upward toward the zero line, while while neutral oscillators give either side enough room to maneuver.

Sam Shenker is a Technical Currency Analyst for FXCM.