EUR/AUD - Euro bulls continued to engage the Australian dollar attackers as the price action remained confined to a narrow trading range. As Aussie bulls break euro's defenses and push the cross below the psychologically important 1.6000 handle, their next move to the downside will most likely see the cross tumble toward the 1.5875, a level established by the October 20 daily low. A further move to the downside will most likely see the cross head lower and take on the euro's defenses around 1.5722, a level established be the July 22 daily low. Indicators signal trendless market conditions with ADX below 25, while both MACD and momentum indicator treading below the zero line. Oscillators remain in a neutral territory thus giving either side enough room to maneuver.

EUR/CAD - Euro longs continued to retreat under the unrelenting onslaught from the Canadian dollar longs. As Loonie longs continue to push deeper into the single currency held territory, a further move to the downside will most likely see the cross test the euro's bids around 1.3856, a level established by the March 20, 2002 daily spike low. A further move to the downside will most likely see the cross test the euro's defenses around 1.3512, a level marked by the 78.6 Fib of the 1.2569-1.6978 EUR rally which currently acts as a gateway toward the psychologically important 1.3500 handle. Indicators signal trendless market conditions with ADX below 25, while both MACD and momentum indicator treading below the zero line, with oversold Stochastic giving the euro bulls a chance to retaliate.

EUR/NZD - Euro longs continued to tumble as New Zealand dollar bulls kept the cross confined to a price channel that dominated the price action since the middle of July. As cross remains confined to a downward sloping channel, a further move to the downside will most likely see the Kiwi bulls push the cross below 1.6652, a level marked by the 61.8 Fib Extension of the Jan-Jun NZD rally. A further collapse of the single currency defenses will most likely see the cross head lower and aim for the bids around 1.6269, a level established by the 78.6 Fib Extension of the Jan-Jun NZD rally. Indicators signal trendless market conditions with ADX below 25, while both MACD and momentum indicator treading below the zero line, with neutral oscillators giving either side enough room to maneuver.

Sam Shenker is a Technical Currency Analyst for FXCM.