EUR/JPY - After coming off of the 147.39 high on 7/6, EUR/JPY has rallied back to challenge the 147.00 figure.  Price has come off of highs from Friday and today at 147.13/18 and hourly RSI continues to weaken.  Scope remains for a test of the 38.2% fibo of 145.01-147.18 at 146.35 as well as the 7/13 low at 146.13.  Still, it appears that the decline from 147.39 to 145.01 is a 4th wave correction.  Thus, we need one more rally to form a 5th wave rally before we can favor the downside.  This most recent rally from 140.19 is subdivided as follows - 140.19-145.69 (wave 1), 145.69-143.64 (wave 2), 143.64-147.39 (wave 3), 147.39-145.01 (wave 4), and 145.01-present is wave 5.  Since wave 3 can not be the shortest wave of the sequence, wave 5 must end before 148.76 (which is where the advance from 145.01 would equal the price distance of wave 3).

EUR/CHF - After breaking below Friday's low at 1.5594, EUR/CHF has rallied to the 38.2% fibo of 1.5709-1.5587 at 1.5634.  After 5 waves down from 1.5709, we are looking for a bit more strength to challenge either the 50% or 61.8% fibos at 1.5648 or 1.5662.  A downward sloping trendline sits at around 1.5695 and needs to hold as resistance in order to keep a bearish bias (the trendline decreases a little more than 2 pips per day).  Daily oscillators continue to decrease and thus favor shorts.

EUR/GBP - EUR/GBP looks similar to EUR/CHF, especially on the hourly.  Both pairs have made bullish divergence with hourly oscillators at their recent lows.  A continued bounce may see resistance at the confluence of the 38.2% fibo of .6958-.6870 / short term trendline from .6958 high at .6903.  Immediate support is just below at the .6870 low (also a potential trendline on the daily from the .6753 low on 5/7).  Of note also is the drop below the 20 day SMA on Thursday.  Price had remained above the 20 day SMA since 6/21 when price closed at .6862.

Jamie Saettele is a Technical Currency Analyst for FXCM.