EUR/JPY - Euro bulls failed push the cross higher after EUR/JPY stalled below 143.60, a level established by the December 13 daily high. As single currency longs consolidate their recent gains and once again push the cross higher, a further move to the upside will most likely see EUR/JPY once again test the yen offers around 143.60 and with a confirmed break to the upside extend its rally toward the psychologically important 145.00 handle, a level marked by the 78.6 Fib Extension of the Aug-Dec EUR rally. A further break to the upside will most likely see the single currency traders push the cross toward 147.15 1.00 Extension Aug-Dec EUR rally. Indicators are favoring euro longs with both positive momentum indicator and positive MACD treading above the zero line, while overbought Stochastic gives yen bulls a chance to retaliate.

EUR/CHF - Euro continues to trade within a large trading range that dominated the price action since June with the cross cementing the bids above the 1.5523, a level created by the 23.6 Fib of the 1.5079-1.5661 EUR rally. A further move toward the range's upper boundary will most likely see the EUR/CHF head higher, and with a swing to the upside most likely seeing the cross take on Swiss Franc offers around 1.5575, a level established by the October 18 daily high. A further collapse of the Swissie defenses will most likely see the cross head higher and take on 1.5628, a level marked by the August 5 daily high, and with sustained momentum seeing the EUR/CHF test the defenses around 1.5661, a level defended by August 1 daily high. Indicators are favoring euro longs with both momentum indicator and MACD above the zero line, while overbought Stochastic gives Swiss Franc bulls a chance to retaliate.

EUR/GBP - Euro remains confined to a large trading range that dominated the cross since the middle of August with the price action heading above around .6799, a level established by the 38.2 Fib of the .7106-.6609 GBP rally. A move to the upside will most likely see the cross head higher and with a move above the .6857 figure, a level marked by the 50.0 Fib of the .7106-.6609 GBP rally aim for .6916, a level created by the 61.8 Fib of the .7106-.6609 GBP rally. A sustained momentum to the upside will most likely see the euro traders push the cross toward .6968, a level established by August 5 daily high, and with a further move to the upside most likely seeing EUR/GBP head higher and taking on the British pound offers around the psychologically important .7000 handle, a level marked by 78.6 Fib of the .7106-.6609 GBP rally. Indicators are favoring the euro longs with both momentum indicator and MACD above the zero line, while oversold Stochastic gives the single currency longs a chance to extend their gains.

Sam Shenker is a Technical Currency Analyst for FXCM.