EUR/AUD - Euro remains confined to a large channel that dominated the price action since September with the latest swing to the upside stalling around 1.6363, a level defended by the 38.2 Fib of the 1.7712-.5532 AUD rally. A sustained momentum to the downside  will most likely see EUR/AUD aim the psychologically important 1.6000 handle, a level further reinforced by the combination of 23.6 Fib of the 1.7712-.5532 AUD rally, a 20-day, 50-day and 200-day SMA's at 1.6048-1.6160 zone. A further move to the downside will most likely see the cross head lower and with a confirmed 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 sustained downside momentum will most likely see the cross aim for the bids around 1.5598, a level created by the October 4 daily low. Indicators are favoring euro longs with both positive momentum indicator and MACD treading above the zero line, while neutral oscillators give either side enough room to maneuver.

EUR/CAD - Euro continues to revolve around the psychologically important 1.4000 handle as cross remains 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, a level defended by the 50-day SMA at 1.3885 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, with neutral oscillators giving either side enough room to maneuver.

EUR/NZD - Euro continued to dominate the price action as the cross remains confined to an upward sloping channel giving the EUR/NZD an upward bias. As euro bulls continue to push the cross higher, a break above the psychologically important 1.8000 handle, a level defended by the 61.8 Fib of the 1.9160-1.6240 EUR rally at 1.8046. A next move to the upside will most likely see the single currency dollar bulls take on the New Zealand dollar offers around 1.8248, a level marked by the April 20 daily high, thus seeing EUR/NZD gain the upside momentum. A further break to the upside will most likely see the cross head higher and aim for the psychologically important 1.8500 handle, a level defended by the 78.6 Fib of the 1.9160-1.6240 EUR rally at 1.8536. Indicators are favoring the Euro longs, with both positive momentum indicator and MACD treading above the zero line, while ADX above 25 at 30.11 signals an existence of a trend, not a direction of one, with neutral oscillators give either side enough room to maneuver.

Sam Shenker is a Technical Currency Analyst for FXCM.