EUR/JPY ââ,¬â€œ EUR/JPY retraced a little more than half of its 145.50-141.46 decline last week before being turning lower at the confluence of the 10 and 20 day SMAââ,¬â"¢s at 143.55/64.  Daily oscillators are still bearish as evidenced by steadily declining MACD and RSI falling below 50.  Initial support comes in at the 4/27 low of 142.07 with additional weakness exposing the 4/25 low at 141.47.  A break below the 4/25 low gives scope to a test of the 61.8% fibo of 137.26-145.49 at 140.41.  Also, the current daily candle forms a bearish engulfing pattern.  A close below 143.00 keeps this intact and favors bears going forward.  This would agree with analysis that labels the move from 145.50 as impulsive and the subsequent move from 141.47-143.89 as nothing more than consolidation preceding another leg down. 

EUR/CHF ââ,¬â€œ After faking out traders by making a much higher right shoulder than left (during the formation of a head and shoulders reversal pattern), EUR/CHF did indeed finish the job and the pair plummeted from above 1.5800 to below 1.5650.  The pair currently trades right at its lower Bollinger band on the daily with another support area just below from the 50% fibo of 1.5407-1.5851 at 1.5630.  Fridayââ,¬â"¢s 156 red candle took out the previous 7 daysââ,¬â"¢ lows and as such is extremely bearish.  Hourly oscillators are still oversold, suggesting that a corrective bounce is possible.  Resistance stems from the 23.6% fibo of 1.5821-1.5635 at 1.5679.

EUR/GBP ââ,¬â€œ EUR/GBP looks similar to EUR/CHF in that the pair did complete its head and shoulders reversal pattern (keeping a bearish outlook) but not before rallying and former a higher right shoulder.  The most recent weekly candle is a reverse hammer and particularly bearish because of its long wick above the body.  Oscillators on the daily are sloping down and DMI ââ,¬â€œ is about to cross above DMI +, which bolsters the bearish outlook.  Support from the 50% fibo of .6789-.7021 at .6905 is just below with the 4/19 low of .6888 serving as additional resistance.

Jamie Saettele is a Technical Currency Analyst for FXCM.