EUR/JPY ââ,¬â€œ EURJPY continues to consolidate from the 8/31 high at 150.71.  The pair is tracing out a symmetrical triangle; a neutral pattern that could be either a continuation or reversal pattern.  The supporting line of the triangle is near 148.50.  A break below exposes the 9/8 low at 147.54.  Daily oscillators are below midpoints and favor the downside.  The confluence of the 22 day SMA / 9/20 high at 149.30/33 is initial resistance.  The upper end of the triangle is at 150.00.

EUR/CHF ââ,¬â€œ EURCHF has plummeted and tested Fibonacci support at 1.5767 (38.2% of 1.5448-1.5963).  Additional support rests just below at the 8/19 and 8/31 lows at 1.5742/43.  Daily oscillators are now bearish as RSI is below 50 and CCI is below 0.  The pair has rebounded to the 1.5800 figure, although fibo resistance is not until the 38.2% of 1.5944-1.5753 at 1.5826.  A break of 1.5742 exposes the 7/31 low at 1.5694.

EUR/GBP ââ,¬â€œ EURGBP is just above a 2 year support line (the trendline is at .6688).  There is bullish divergence on the daily at each successive low ââ,¬â€œ suggesting that downside risk is limited.  The pair could be turning now as RSI is increasing above 30 on the hourly.  However, a break below the trendline below .6700 targets the 6/23/2005 low at .6609.  Initial resistance is at the 9/20 high at .6738.

Jamie Saettele is a Technical Currency Analyst for FXCM.