EUR/JPY - EUR/JPY has rallied to 148.58 on Thursday before plummeting to just above the 147.00 figure.  In a special report that we released on July 12th, we remarked that 148.30/60 could be strong resistance and mark the end of a long term uptrend. The pair has rallied following Thursday's decline in what is so far a 3 wave corrective pattern.  The rally has stalled just below the 148.58 high and formed a double top in the process.  Continued weakness from 148.53 (today's high) targets today's low at 147.86.  A push above 148.58 negates the bearish bias.

EUR/CHF - EUR/CHF has rallied to former resistance from the 4/26 and 4/27 highs at 1.5818/21.  RSI is also decreasing from near overbought levels and CCI is decreasing from above 100.  Both of these developments signal a possible turn.  A push above today's high at 1.5817 exposes the 4/4 high at 1.5853.  Support is at the 7/27 and 8/4 highs at 1.5788.  A break below there instills confidence in the downside idea.

EUR/GBP - The EUR/GBP decline stalled at support from the 12/12/2005 low at .6718 and has since rallied to .6750.  The pair is testing the low side of a nearly 3 year symmetrical triangle.  Triangle support along with the 12/12/05 low limits downside risk.  The hourly also looks slightly bullish as the last two day's lows have a double bottom at .6718/20.  A continuation of strength probes the 7/24 low at .6807.

Jamie Saettele is a Technical Currency Analyst for FXCM.