EUR/AUD - Euro broke out of the large triangle with the latest swing to the upside breaking above the 200-day SMA at 1.6163. As the cross aims higher, the next move to the upside will most likely see EUR/AUD head higher and breakthrough the Australian dollar bids around 1.6363, a level established by the 38.2 Fib of the 1.7712-1.5532 AUD rally. A further move to the upside will most likely see the single currency traders push the cross toward the Aussie offers around 1.6486, a level marked by the September 9 daily high, which acts as a gateway to psychologically important 1.6500 handle. As euro longs extend their gains and head deeper into the Australian dollar territory, a further move to the upside will most likely see the EUR/AUD test the offers around 1.6618, a level created by the 50.0 Fib of the 1.7712-1.5532 AUD rally. Indicators signal trending market conditions with ADX above 25 at 26.43, while both MACD and momentum indicator treading above the zero line, with overbought Stochastic adding to the trending outlook.

EUR/CAD - Euro traders continued their countermove, but stalled above the psychologically important 1.4000 handle with the cross remaining in tight range between 20-day and 50-day SMA's. A further move to the upside will most likely see the cross head higher and with a break above the psychologically important 1.4000 handle taking on Loonie offers around 1.4065, a level marked by the November 21 daily high. A further advance by the single currency traders will most likely see the cross target the 61.8 Fib of the 1.2569-1.6978 EUR rally and with sustained momentum to the upside aiming for 1.4403, an October 6 daily high. Indicators signal trendless market conditions with ADX below 25, with negative MACD diverging from the positive momentum indicator, while neutral oscillators giving either side enough room to maneuver.

EUR/NZD - Euro continued to dominate the price action as the cross broke above the 200-day SMA along with psychologically important 1.7500 handle. As euro bulls continue to push the cross higher and break above 1.7661, a level established by the 78.6 Fib of the 1.8048-1.6240 NZD rally, the next move to the upside will most likely see the single currency bulls take on the New Zealand dollar offers around 1.7827,a level marked by the September 5 daily high. A further break to the upside will most likely see the EUR/NZD head higher and with a move above the psychologically important 1.8000 handle test the potential resistance around 1.8048, a July 20 daily high. Indicators signal trending market conditions with ADX above 25 at 26.02, while both MACD and momentum indicator treading above the zero line, with extremely overbought Stochastic adding to the trending outlook.

Sam Shenker is a Technical Currency Analyst for FXCM.