EUR/AUD - Euro continued to head lower as Australian dollar traders managed to break below the consolidation range that dominated the price action since the beginning of October. As the cross accelerates to the downsides and targets the triangle's lower boundary, a subsequent breakout will most likely see the Aussie bulls sweep the stops below the 1.5539, a 2005 low and a gateway to the psychologically important 1.5500 handle, and by doing so will add to the downside momentum as Euro traders scramble to liquidate their longs. A sustained momentum following the breakdown will most likely see the Australian dollar bulls test the single currency bids around 1.5339, a level not seen since August 9, 2000. 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 failed to stave off the advancing Canadian dollar bulls as the cross tumbled toward the psychologically important 1.3500 handle as the cross remained under pressure. As Euro gives up more territory to the Looonie bulls, a break below 1.3520, a 78.6 Fib of the 1.2596-1.6978 EUR rally, will most likely see the cross head below the psychologically important 1.3500 handle and accelerate toward the 1.3400 figure, breaking of which will see the Canadian dollar traders test the bids around 1.3313, a level not seen since December 13, 2000. 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 remained in a freefall as New Zealand dollar traders managed to break below the channel's lower boundary as the y pushed the pair toward the psychologically important 1.6500 handle. A further move to the downside will most likely see the cross maintain momentum as Kiwi traders push the EUR/NZD toward 1.6289, a 78.6 Fib Extension of the Jan-Jun NZD rally. A further break of the Euro defenses will most likely see the New Zealand dollar trader take on the psychologically important 1.6000 figure, breaking of which will most likely open the 1.5781, a 1.00 Fib Extension of the Jan-Jun NZD rally as a target of opportunity for any prospective Kiwi bulls. Indicators signal trendless market conditions with ADX below 25, while both MACD and momentum indicator treading below the zero line, with both oversold oscillators giving the Euro bulls a chance to retaliate.

Sam Shenker is a Technical Currency Analyst for FXCM.