EUR/JPY - Euro bulls managed to push the EUR/JPY above the psychologically important 140.00 handle as Japanese yen traders contused to give up further ground to the advancing single currency longs. A further move to the upside will most likely see EUR/JPY test the yen offers around 141.78, a level established by the February 22 daily high and with sustained move to the upside extending its rally toward 143.57, a level marked by the 1.00 Fib Extension of the January EUR rally . A further move to the upside will most likely see the single currency traders push the cross toward the next psychologically important 145.00 handle, a level defended by the 1.236 Fib Extension of the January EUR rally, thus seeing the cross set a new multi-year high. Indicators are mixed with positive momentum indicator diverging from negative MACD below the zero line, with neutral oscillators giving either side a room to maneuver.

EUR/CHF - Euro bulls headed lower as EUR/CHF continued to trade in a large trading range that dominated the price action since June with the cross testing the bids around the 1.5600 figure, a level defended by the 20-day SMA. A move toward the range's lower boundary will most likely see the EUR/CHF head lower, and with a swing to the downside most likely seeing the cross take on euro bids around 1.5555, a level established by the 61.8 Fib of the 1.5870-1.5045 EUR rally. A further collapse of the single currency defenses will most likely see the cross head lower and with a move below the psychologically important 1.5500 handle take on 1.5497, a level marked by the 200-day SMA. A sustained momentum to the downside will most likely see EUR/CHF test euro's defenses around 1.5457, a level defended by 50.0 Fib of the 1.5870-1.5045 EUR rally. 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 remains confined to a large trading range that dominated the price action since the middle of August with the cross stalling above .6857, a level marked by the 50.0 Fib of the .7106-.6609 GBP rally. A furhter move to the upside will most likely see the euro longs head higher and take on .6887, a level created by the February 9 daily high. A sustained momentum to the upside will most likely see the single currency bulls extend their rally toward .6915, a level established by 61.8 Fib of the .7106-.6609 GBP rally, and with a further move to the upside most likely seeing EUR/GBP head higher and taking on the British pound offers around .6968, a level marked by August 5 daily high, breaking of which will most likely open the psychologically important .7000 handle as a target of opportunity for the prospective euro bulls.. Indicators are favoring the pound longs with both momentum indicator and MACD below the zero line, with neutral oscillators giving either side a room to maneuver.

Sam Shenker is a Technical Currency Analyst for FXCM.