EUR/JPY - Euro bulls managed to keep the cross above the psychologically important 140.00 handle and once again pushed the cross higher. As single currency longs 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, a level established by the December 13 daily high and with a confirmed break to the upside extending 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 Fib Extension Aug-Dec EUR rally. Indicators are mixed with negative momentum indicator diverging from positive MACD above the zero line, with neutral oscillators giving either side a room to maneuver.

EUR/CHF - Euro remains within a large trading range that dominated the price action since June with the cross cementing the bids above the 1.5555, a level created by the 61.8 Fib of the 1.5870-1.5045 EUR rally. A 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 1.5661, a level established by the August 1 daily high. A further collapse of the Swissie defenses will most likely see the cross head higher and take on 1.5731, a level marked by the 78.6 Fib of the 1.5870-1.5045 EUR rally, and with sustained momentum seeing the EUR/CHF test the defenses around 1.5731, a level defended by February 17, 2004 daily low. 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 continues to trade within a large trading range that dominated the price action since the middle of August with the cross stalling around .6857, a level marked by the 50.0 Fib of the .7106-.6609 GBP rally. A further move to the upside will most likely see the euro longs 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 single currency bulls 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, with neutral oscillators giving either side a room to maneuver.

Sam Shenker is a Technical Currency Analyst for FXCM.