EUR/JPY - Euro remains confined to an upward sloping channel that dominated the price action since the middle of June and continues to head higher following the breakout form the wide trading range that dominated the price action since the middle of 2003. As Euro gains further ground and begins to trade in a territory previously unseen by the euro bulls, a further move to the upside will most like see the cross head higher and take on the Japanese yen offers around the psychologically important 145.00 handle, a level defended by the 1.00 Fib Extension of the Aug-Nov EUR rally. A move above will most likely see the single currency targeting the yen offers around 147.05, a level marked by the 1.236 Fib Extension of the Aug-Nov EUR rally. Indicators are signaling trending conditions with ADX above 25 at 30.69, while both momentum indicator and positive MACD treading above the zero line, and both oversold oscillators adding to the trending outlook.

EUR/CHF - Euro bulls managed to hold back the advancing Swiss Franc lings as the cross failed to maintain momentum below the 1.5400 figure and reversed direction after testing the single currency bids around 1.5372, a level established by the 23.6 Fib of the 1.5079-1.5661 EUR rally. A further move to the upside will most likely see EUR/CHF head higher and aim for the for the Swissie offers around 1.5477, a level established by the 200-day SMA, thus seeing the cross break above heavy Swissie defenses around 1.5441, a level created by the combination of the 38.2 Fib of the 1.5079-1.5661 EUR rally and 20-day and 50-day SMA's. A further move to the upside will most likely see the cross test the resistance at 1.5526, a resistance established by the 23.6 Fib of the 1.5079-1.5661 EUR rally. Indicators are favoring Swiss Franc longs with momentum indicator and negaive MACD below the zero line, while oversold Stochastic gives euro bulls a chance to retaliate.

EUR/GBP - Euro remains confined to a narrow .6705-.6876 trading range that dominated the price action since the beginning of September, with the latest move to the downside stalling around .6727, a level established by the 23.6 Fib of the .7106-.6609 GBP rally. A break to the downside will most likely see the pound traders sweep clean the euro stops below thus seeing the downside momentum accelerate with the cross heading toward .6705, a level established by the November 10 daily low. A further move to the downside will most likely see the cross head lower and with sustained momentum taking on the single currency bids around .6663, a level marked by the June 27 daily high. Indicators are favoring pound longs with both momentum indicator and negative MACD treading below the zero line, while neutral oversold Stochastic gives the euro longs a chance to retaliate.

Sam Shenker is a Technical Currency Analyst for FXCM.