EUR/JPY - Euro bulls once again tumbled from the psychologically important 140.00 handle as the price action once again turned in favor of the Japanese Yen traders. As euro traders give up further ground, a sustained momentum on the part of the Japanese yen bulls will most likely see the cross head lower toward 137.11, a 50.0 Fib of the 130.62-141.61 EUR rally and with a further collapse of the single currency bids will most likely seeing EUR/JPY aim head through the 200-day SMA at 136.86 and aim toward the psychologically important 135.00 handle, a level protected by the 61.8 Fib of the 130.62-141.61 EUR rally at 135.56. A further move below seeing the yen longs test the euro's bids around 134.56, a level marked by the September 15 daily low. Indicators are signaling trending conditions with ADX above 25 at 25.57, with both momentum indicator and MACD below the zero line, while both neutral oscillators give either side enough room to maneuver.

EUR/CHF - Euro remains confined to a large trading range that dominated the price action since June with the cross failing to break above the 1.5600 figure and tumbling below the psychologically important 1.5500 handle. A failure to break above the ranges upper boundary will most likely see the cross head lower,  and with a swing to the downside most likely seeing EUR/CHF test the euro bids around 1.5416, a level established by the October 24 daily low. A further collapse of the single currency bids will most likely see the cross head lower and take on 1.5372, a 50.0 Fib of the 1.5079-1.5661 EUR rally, and with sustained momentum seeing the cross test the bids around 1.5302, a key 61.8 Fib of the 1.5079-1.5661 EUR rally. Indicators are favoring Swiss Franc longs with both momentum indicator and MACD d below the zero line, while neutral oscillators give either side to maneuver.

EUR/GBP - Euro continues to trade within a large trading range that dominated the price action since the middle of August with the latest swing o the upside failing to break the offers above the .6900 figure, a level defended by the 61.8 Fib of the .7106-.6609 GBP rally at .6916. A further move to the downside will most likely see the pound traders sweep clean the single currency stops below thus seeing the downside momentum accelerate with the cross heading toward .6799, a level established by 38.2 Fib of the .7106-.6609 GBP rally and is further reinforced by the combination of 200-day and 50-day SMA's. A further move to the downside will most likely see EUR/GBP head lower and with sustained momentum take on the euro bids around .6726, a level marked by 23.6 Fib of the .7106-.6609 GBP rally. Indicators are signaling trending conditions with ADX above 25 at 29.55, with both momentum indicator and MACD above the zero line, while overbought Stochastic gives the cable longs a chance to retaliate.

Sam Shenker is a Technical Currency Analyst for FXCM.