EUR/AUD - Euro bulls continued to dominate the price action after the cross staged a sharp breakout out of the trading range with the latest swing to the upside testing the bids offers around 1.6881, a level defended by the combination of 61.8 Fib of the 1.7712-1.5532 AUD rally. A further move to the upside will most likely see the cross head higher and test the Australian dollar offers above the psychologically important 1.7000, a level defended by the April 18 daily high at 1.7031. A further move to the upside will most likely see the EUR/AUD head higher and with a confirmed break above 1.7246, a level established by the 78.6 Fib of the 1.7712-1.5532 AUD rally, most likely seeing the cross target the Aussie offers above the psychologically important 1.7500 handle, at 1.7585, a level established by the September 24, 2004 daily high. Indicators are favoring euro longs with both positive momentum indicator and MACD treading above the zero line, with ADX above 25 at 35.47 signaling an existence of a trend, not a direction of one, while both overbought oscillators give the cross a trending outlook.

EUR/CAD - Euro bulls managed to keep the cross above psychologically important 1.4000 handle as EUR/CAD retreated after failing to advance beyond Loonie offers around 1.4262, a level established by the 61.8 Fib of the 1.2569-1.6978 EUR rally and is further reinforced by the 200-day SMA. As euro bulls regroup and once again push EUR/CAD above the psychologically important 1.4000 handle, a break above 1.4262 will most likely see the cross head higher and target Canadian dollar offers around 1.4403, a level marked by the October 6 daily high A further advance on the part of the euro longs will most likely see EUR/CAD head higher and with a move above the psychologically important 1.4500 handle target the Canadian dollar offers around 1.4767, a level marked by the 50.0 Fib of the 1.2569-1.6978 EUR rally. . Indicators are favoring euro longs with both positive momentum indicator and MACD treading above the zero line, with ADX above 25 at 27.24 signaling an existence of a trend, not a direction of one, while overbought Stochastic adds to a trending outlook.

EUR/NZD - Euro longs continued to push the cross higher as EUR/NZD broke above the psychologically important 1.9500 handle after consolidating recent gains. As euro bulls resume their advance, a further move to the upside will most likely see Euro bulls push the cross toward  New Zealand dollar offers around 1.9640, a level marked by the 78.6 Fib of the 2.1744 -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 2.0000, a level marked by the October 15, 2003 daily high and with a break above most likely seeing the cross head higher and target the Kiwi's defenses around 2.0302, a level defended by the June 8, 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 58.40 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.