EUR/AUD - Euro continues to trade within a large channel that dominated the price action since September with the latest swing to the downside stalling around the psychologically important 1.6000 handle, a level further reinforced by the 23.6 Fib of the 1.7712-.5532 AUD rally and the 50-day SMA at 1.6012. A further move to the downside will most likely see the cross head lower and with a break below 1.5895, a level established by the November 11 daily low most likely seeing the EUR/AUD target 1.5757, a level marked by the September 20 daily low. A further move to the downside will most likely see the cross aim for the bids around 1.5598, a level created by the October 4 daily low. Indicators are mixed, negative momentum indicator diverging from positive MACD, while neutral oscillators give either side enough room to maneuver.

EUR/CAD - Euro stalled above the psychologically important 1.4000 handle with the cross remaining confined to a narrow upward sloping channel that dominated the price action since December. A further move to the downside will most likely see the cross head lower and with a break below the channel's lower boundary taking on single currency bids around 1.3722, a level marked by the December 14 daily low. A further advance by the Canadian dollar traders will most likely see the cross target 1.3512, a level established by the 78.6 Fib of the 1.2569-1.6978 EUR rally, and with a move below the psychologically important 1.3500 handle aiming for 1.3313, a level marked by the December 13, 2000 daily low. Indicators are favoring the Euro longs, with both positive momentum indicator and MACD treading above the zero line, while ADX above 25 at 28.50 signals an existence of a trend, not a direction of one, with neutral oscillators giving either side enough room to maneuver.

EUR/NZD - Euro failed to dominate the price action as the cross broke below the 200-day SMA along with psychologically important 1.7500 handle. As Kiwi bulls continue to push the cross lower, a break below 1.7144, a level established by the 50.0 Fib of the 1.8048-1.6240 NZD rally and is further reinforced by the 50-day SMA, the next move to the downside will most likely see the New Zealand dollar bulls take on the single currency bids around 1.6930, a level marked by the 38.2 Fib of the 1.8048-1.6240 NZD rally, thus seeing EUR/NZD break below the psychologically important 1.7000 handle. A further break to the downside will most likely see the cross head lower and with sustained downside momentum test the potential support around 1.6666, a 23.6 Fib of the 1.8048-1.6240 NZD rally. Indicators are mixed, negative momentum indicator diverging from positive MACD, while neutral oscillators give either side enough room to maneuver.

Sam Shenker is a Technical Currency Analyst for FXCM.