EUR/JPY ââ,¬â€œ After pushing to an all time high on Friday at 150.73, the EURJPY reversed and is currently just above the 149.00 figure.  The rally to and reversal just below 151 completed a triple top with the 8/31 and 10/4 highs.  A 2 month supporting trendline is at 148.75 today and support is stacked until the 9/8 low at 147.54.  It takes a break below there to begin to suggest that a large degree change in trend is taking place.

EUR/CHF ââ,¬â€œ The EURCHF also made a triple top last week and is nearing support from the 10/19 low at 1.5857.  The point to reference regarding trend in this pair is the 5 month supporting trendline near 1.5830 today (increases about 4 pips per day).  It takes a break below there to suggest that the larger trend is down.  On a shorter term basis, the 10 day SMA is crossing below the 20 day SMA today ââ,¬â€œ indicating that short term momentum is down.

EUR/GBP ââ,¬â€œ The EURGBP is testing a 2 year 7 month supporting trendline.  The pair has actually slipped below the trendline today which shifts focus to support at the 6/23/2005 low at .6609.  Daily oscillators are divergent with price action, indicating that a bottom may be forming.  It takes a break above Fridayââ,¬â"¢s high at .6722 in order to instill confidence in the upside.  Hourly oscillators are extremely oversold (RSI at 20), suggesting that immediate weakness may be limited.

Jamie Saettele is a Technical Currency Analyst for FXCM.