EUR/AUD - Euro continues to trade within a large triangle and with the latest swing to the downside finding active bids above the psychologically important 1.5500 handle at 1.5537, a level established by the 2005 low. As the cross reverses direction and heads higher, a further move to the upside will most likely see the euro traders encounter active offers around 1.5883, a level marked by the 20-day SMA and the Oct-Dec consolidation range lower boundary. A successful breakout to the upside will most likely see the cross head above the 50-day SMA at 1.5947 and aim for the psychologically important 1.6000 handle, a level defended by the 23.6 Fib of the 1.7712-1.5532 AUD rally at 1.6048. Indicators signal trending market conditions with ADX above 25 at 27.03 pointing to an existence of a trend, not a direction of one, 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 managed to halt its descent with the cross remaining confined to a narrow downward sloping channel that dominated the price action since the beginning of November. As euro traders continue their countermove that stared with a bullish engulfing pattern and break above the channel's upper boundary along with 20-day SMA at 1.3786, a further move to the upside will most likely see the cross head higher and take on the Canadian dollar offers around 1.3854, an October 3 daily low. A further move to the upside will most likely see the euro traders trigger stops above, which would add to the further upside momentum with the cross aiming for the psychologically important 1.4000 handle and further Loonie offers around 1.4065, a level marked by the November 21 daily high. 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 finished its freefall as New Zealand dollar traders failed to push the EUR/NZD below 1.6289, a 78.6 Fib Extension of the Jan-Jun NZD rally and saw their momentum wane into nothingness as the price action switched sides. As euro bulls once again take over the price action and push the cross higher, a break above the 20-day SMA at 1.6581 will most likely see the Kiwi stops activated, which would add to the upward momentum as New Zealand dollar traders scramble to cover their positions. A further move to the upside will most likely see the pair head toward the psychologically important 1.7500 handle, and test the offers around 1.7522, a level marked by the 20-day SMA. Indicators signal trendless market conditions with ADX below 25, while both MACD and momentum indicator treading below the zero line, with both neutral oscillators giving either side enough room to maneuver.

Sam Shenker is a Technical Currency Analyst for FXCM.