EUR/JPY - Euro bulls failed to keep the EUR/JPY above the psychologically important 140.00 handle as Japanese yen pushed the cross against the 200-day SMA at 137.14, a level further reinforced by the 50.0 Fib of the 130.62-141.61 EUR rally. As single currency longs launch a counteroffensive and once again push the cross higher, a further move to the upside will most likely see EUR/JPY test the yen offers around 138.66, a level established by the 50.0 Fib of the 130.62-141.61 EUR rally and with sustained move to the upside extending its rally toward the psychologically important 140.00 handle, a level marked by the 23.6 Fib of the 130.62-141.61 EUR rally at 140.56. A further move to the upside will most likely see the single currency traders push the cross toward 141.76, a level marked by the February 22 daily high. 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 bulls continued to tread sideways in 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 neutral oscillators giving either side a room 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 cross stalling above .6798, a level marked by the 38.2 Fib of the .7106-.6609 GBP rally. A subsequent reversal coupled with a move to the upside will most likely see the euro longs for .6857, a level created by the 50.0Fib of the .7106-.6609 GBP rally. A sustained momentum to the upside will most likely see the single currency bulls extend their rally toward .6887, a level established by February 9 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 .6915, a level marked by 61.8 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.