EUR/AUD - Euro bulls paused their ascent after the cross stalled around the psychologically important 1.7000, a level defended by the April 18 daily high at 1.7031. As single currency longs continue to head higher, a further move to the upside will most likely see the EUR/AUD target offers around 1.7246, a level established by the 78.6 Fib of the 1.7712-1.5532 AUD rally. A sustained momentum on the part of the euro bulls most likely seeing the cross target extend its advance toward the Aussie offers above the psychologically important 1.7500 handle, at 1.7585, a level established by the September 24, 2004 daily high. However in case EUR/AUD fails to really and drops below the 1.6800 figure, a further move to the downside will most likely see the cross extend its decline toward 1.6739, a level marked by the March 23 daily low. A further move to the downside will most likely see EUR/AUD head lower and test euro bids around 1.6626, a level defended by the 50.0 Fib of the 1.7712-1.5532 AUD rally. Indicators are favoring euro longs with both positive momentum indicator and MACD treading above the zero line, with ADX above 25 at 41.63 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 continued to consolidate their recent gains 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. However in case EUR/CAD drops below 1.3900, a further move to the downside will most likely see the cross head lower and test the euro's bids around 1.3713, a level marked by the December 30 daily high. Indicators are favoring euro longs with both positive momentum indicator and MACD treading above the zero line, with ADX above 25 at 27.67 signaling an existence of a trend, not a direction of one, while neutral oscillators give either side to manuever.

EUR/NZD - Euro longs failed to push the cross higher as EUR/NZD stalled below the psychologically important 2.0000 handle a level marked by the October 15, 2003 daily high. In case single currency longs manage to break above, a further move to the upside will 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. However a reversal from current levels will most likely see the cross head below 1.9500 handle and target bids around 1.9312, a level marked by the July 28, 2002 daily high. A further move to the downside will most likely see EUR/NZD extend its decline toward 1.89990, a level marked by the 50.0 Fib of the 2.1744-1.6240 NZD rally. Indicators are favoring the Euro longs, with both positive momentum indicator and MACD treading above the zero line, with ADX above 25 at 62.30 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.