EUR/AUD - Euro continues to tread sideways within a large trading range that dominated the price action since the end of 2005 with the latest swing to the downside to testing the bids around 1.6047, a level defended by the combination of 23.6 Fib of the 1.7712-.5532 AUD rally, a 200-day SMA a 50-day SMA and 20-day SMA. A breakdown of the level of such magnitude will most likely see the cross head lower and test the bids around 1.5895, a level established by the November 11 daily low. A further move to the downside will most likely see the EUR/AUD head lower and with a confirmed break below 1.5757, a level established by the September 20 daily low, most likely seeing the cross target the euro bids around 1.5598, a level established by the October 4 daily low. However in case the breakdown fails to materialize, a further move to the upside will most likely see the cross head higher and with a move above 1.6200, a February trading range high, most likely heading higher and aiming for 1.6368, a level marked by the 38.2 Fib of the 1.7712-.5532 AUD rally. Indicators are favoring Australian dollar longs with both negative momentum indicator and MACD treading below the zero line, while neutral oscillators give either side enough room to maneuver.

EUR/CAD - Euro bulls managed to push the cross above the narrow trading range after managing to keep the cross above the psychologically important 1.3500 handle, a level defended by the 78.6 Fib of the 1.2569-1.6978 EUR rally at 1.3512. A further move toward the psychologically important 1.4000 handle will most likely see the cross break above target 1.3850, a level defended by 50-day SMA. A further move on the part of the single currency longs will most likely see the cross break above the psychologically important 1.4000 handle and target Canadian dollar bids above 1.4050, a level established by the December 20 daily high. A sustained momentum on the part of the single currency longs will most likely see the EUR/CAD head higher and test Loonie offers around 1.4262, a level established by the 61.8 Fib of the 1.2569-1.6978 EUR rally. Indicators are mixed with positive momentum indicator diverging from negative MACD below the zero line, while neutral oscillators give either side enough room to maneuver.

EUR/NZD - Euro longs managed to push the cross toward the psychologically important 1.8500 handle after breaking offers around 1.8279, a level established by the 50.0 Fib of the 2.0317 -1.6240 EUR rally. A further move to the upside will most likely see Euro bulls push the cross further above the psychologically important 1.8500 handle and aim for the New Zealand dollar offers around 1.8762, a level marked by the 61.8 Fib of the 2.0317 -1.6240 EUR rally. A sustained momentum on the part of the single currency traders will most likely see the EUR/NZD head higher and target the next psychologically important level at 1.9000 and with a break above most likely seeing the cross head higher and target the Kiwi's defenses around 1.9160, a level defended by the December 31, 2004 daily high. Indicators are favoring the Euro longs, with both positive momentum indicator and MACD treading above the zero line, with ADX above 25 at 39.55 signaling an existence of a trend, not a direction of one, while both overbought oscillators add to a trending outlook room to maneuver.

Sam Shenker is a Technical Currency Analyst for FXCM.