EUR/AUD - Euro is beginning to breakout of the large triangle with the latest swing to the upside breaking above the 23.6 Fib of the 1.7712-1.5532 AUD rally at 1.6048. As the cross head higher, a breakout of the triangle signals a reversal of fortune for the euro traders as the next move to the upside will most likely see EUR/AUD head higher and breakthrough the Aussie bids  around 1.6180, a level established by the 200-day SMA. A further move to the upside will most likely see the single currency traders push the cross toward the Australian dollar offers around 1.6365, a level established by the 38.2 Fib of the 1.7712-1.5532 AUD rally. A sustained momentum on the part of the euro traders will most likely see the psychologically important 1.6500 handle, a level defended by the November 5 daily high at 1.6486, become a target of opportunity for the euro longs. Indicators are mixed with positive momentum indicator above the zero line, while the negative MACD is sloping upward toward the zero line. Oscillators remain in a neutral territory thus giving either side enough room to maneuver.

EUR/CAD - Euro traders continued their countermove that stared with a bullish engulfing pattern and broke 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, and with sustained momentum most likely seeing 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. A further advance by the signle currency traders will most likely see the cross target the 61.8 Fib of the 1.2569-1.6978 EUR 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.

EUR/NZD - Euro continued to dominate the price action as the cross gained over 1200 pips since the EUR/NZD bottomed around 1.6289, a 78.6 Fib Extension of the Jan-Jun NZD rally. As euro bulls continue to push the cross higher and break above 1.7357, a level established by the 61.8 Fib of the 1.8048-1.6240 NZD rally, the next move to the upside will most likely see the Euro traders take on the Kiwi's offers around the psychologically important 1.7500 handle, a level defended by the 200-day SMA. A further break to the upside will most likely see the EUR/NZD head higher and test the potential resistance around 1.7661, a key 78.6 Fib of the 1.8048-1.6240 NZD rally. Indicators signal trendless market conditions with ADX below 25, while negative MACD is sloping upward toward the zero line and positive momentum indicator treading above the zero line, with both neutral oscillators giving either side enough room to maneuver.

Sam Shenker is a Technical Currency Analyst for FXCM.