EUR/JPY - Euro bulls continued to consolidate their gains as the cross failed to make additional gains after breaking above the psychologically important 140.00 handle. A failure by the single currency longs to push to test the yen defenses above the 141.00 figure, will most likely see the cross head toward the channel's lower boundary at 138.72, which is further reinforced by the 23.6 Fib of the 130.68-141.17 EUR rally. A break below will most likely see the yen longs test the euros defenses around 137.89, a level established by the September 2 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 once again found themselves on the other side of a counterattack launched by the Swiss Franc longs after the single currency bulls failed to hold the psychologically important 1.5500 handle. A further move to the downside will most likely see the Swissie longs push the cross lower and with sustained momentum to the downside most likely seeing the EUR/CHF break below the 1.5440, a level marled by the key 38.2 Fib of the 1.5079-1.5661 EUR rally. A further collapse of the euro's defenses will most likely see the cross tumble lower and test the bids around 1.5416, a level established by the October 24 daily low. Indicators are diverging with the positive momentum indicator above the zero line and negative MACD sloping upward toward zero line, while overbought Stochastic gives the Swiss Franc longs enough room to push the cross lower.

EUR/GBP - British pound bulls managed to temporarily hold off advancing euro bulls as they kept the cross around .6858, a 50.0 Fib of the .7106-.6609 GBP rally. A further move by the single currency longs will most likely see  the cross head oward 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 favoring euro longs with both momentum indicator and positive MACD treading above the zero line, while overbought Stochastic gives the pound longs a chance to retaliate.

Sam Shenker is a Technical Currency Analyst for FXCM.