EUR/JPY - Euro bulls continued to chip away at the range as EUR/JPY managed to head higher with single currency breaking above the yen offers around 142.47, a level established by March 16 daily low. A further move to the upside will most likely see the cross head higher and wit ha move above 143.63, a level marked by the 2005 High most likely seeing EUR/JPY extend its advance toward  the psychologically important 145.00 handle, a level defended by the 1.236 Fib Extension of the January EUR rally at 145.07. A further move to the upside will most likely see the cross head higher and with a move above 146.00 figure test Japanese yen offers around 146.75, a level established by the 1.50 Fib Extension of the January EUR rally. However in case euro bulls fail to push the cross higher, a subsequent reversal will most likely see EUR/JPY head below 142.47 and target single currency offers around 141.19, a level marked by the November 3 daily high. A further move to the downside will most likely see the cross head lower and wit ha break below 141.00 figure target euro bids around 140.56, a level defended by the 23.6 Fib of the 130.62-143.63 EUR rally. 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 stalled below 1.5815, a level marked by February 13, 2004 daily high. As euro bulls resume their advance and push the cross higher, a break above 1.5888, a level defended by the 78.6 Fib of the 1.6291-1.4404 CHF rally, will most likely see EUR/CHF head higher and with a break above 1.5900 figure most likely seeing the cross accelerate to the upside and with a move above the psychologically important 1.6000 handle targeting offers around 1.6023, a level marked by the February 29, 2000 daily low. However in case single currency longs fail to push the cross higher a reversal from current levels will most likely see EUR/CHF head lower and target euro bids around 1.5701, a level marked by the March 28 daily low. 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. Indicators are favoring euro longs with both momentum indicator and MACD above the zero line, with ADX above 25, at 29.45, signaling an existence of a trend, not a direction of one while overbought Stochastic adds to a trending outlook.

EUR/GBP - Euro succeeded in pushing the cross above the large trading range that dominated the price action since the middle of August with single currency bulls once again rallying above .6968, a level created by the August 5 daily high.  A further move to the upside will most likely see the cross head higher and with a move above the psychologically important .7000 handle, a level defended by the 78.6 Fib of the .7106-.6609 GBP rally, most likely seeing EUR/GBP extend its advance toward .7039, a level marked by the January 17, 2005 daily high. However in case euro longs fail to maintain an upside momentum, a reversal from current levels will most likely see the cross head lower and with a move below .6916, a level created by the 61.8 Fib of the .7106-.6609 GBP rally, most likely seeing EUR/GBP take on.6857, a level created by the 50.0 Fib of the .7106-.6609 GBP rally. 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.