EUR/JPY - Euro bulls continued to trade in a range as EUR/JPY failed to head higher with single currency traders fighting to keep the bids above the psychologically important 140.00 handle. As Japanese yen bulls take over the price action, a further move to the downside will most likely see the cross head lower and with a move below the psychologically important 140.00 handle targeting euro bids around 139.53, a level marked by the March 8 daily low. A further move to the downside will most likely see EUR/JPY extend its decline and head toward 138.88, a level marked by the 38.2 Fib of the 130.62-143.63 EUR rally. However in case yen bulls fail to push the cross lower, a subsequent reversal will most likely see EUR/JPY head above 140.56, a 23.6 Fib of the 130.62-143.63 EUR rally and with further move to the upside seeing the cross target yen offers around 142.47, a level established by March 16 daily low. Indicators are favoring euro longs with both positive momentum indicator and positive MACD treading above the zero line, while neutral oscillators giving either side a room to maneuver.

EUR/CHF - Euro bulls saw the upside momentum wane into nothingness as EUR/CHF tumbled below 1.5756, a level established by the November 10, 2003 daily high. A further move on the part of the Swiss Franc longs will most likely see the cross head lower and with a break below 1.5655, a level established by the December 12 daily high, seeing EUR/CHF extend its decline toward single currency bids around 1.5632, a level marked by the March 15 daily low. However in case Swissie bulls fail to sustain a downside momentum, a reversal from current levels will most likely see the cross head higher and with a move above the 1.5800 figure take on 1.5815, a level marked by February 13, 2004 daily high. Indicators are favoring euro longs with both momentum indicator and MACD above the zero line, with ADX above 25, at 27.44, signaling an existence of a trend, not a direction of one while overbought Stochastic adds to a trending outlook.

EUR/GBP - Euro failed to push the cross above the large trading range that dominated the price action since the middle of August with single currency bulls once again retreat below .6916, a level marked by the 61.8 Fib of the .7106-.6609 GBP rally. As cross heads lower, a further move to the downside will most likely see the sterling longs take on .6857, a level created by the 50.0 Fib of the .7106-.6609 GBP rally. A sustained momentum on the part of the pound bulls will most likely see EUR/GBP extend its decline toward the .6819, a level defended by the February 10 daily low. However in case sterling longs fail to gain downside momentum, a reversal from current levels will most likely see the cross head higher and with a move above .6916 most likely seeing EUR/GBP take on .6968, a level created by the August 5 daily high. Indicators are favoring euro longs with both positive momentum indicator and MACD above the zero line, while neutral oscillators giving either side a room to maneuver.

Sam Shenker is a Technical Currency Analyst for FXCM.