1. EUR/AUD
2. EUR/CAD

EUR/AUD - Euro bulls hastily retreated as their defenses where overwhelmed by the attacking Australian dollar longs, with the cross crushing though the channels lower boundary. As euro longs continue to retreat, the next thrust by the Aussie bulls will most likely push the EUR/AUD toward the 1.5853, a level marked by the September 15 daily spike low, and with sustained momentum taking on the 1.5722, a euro defensive line established by the July 22 daily low. In case Aussie longs gather enough momentum and push the cross lower their target will most likely be 1.5544, a major defensive position established by the euro bulls at the 2005 low, a level that marks the multi year low for the cross. Indicators signal trendless market conditions with ADX below 25, while both MACD and momentum indicator tread below the zero line, adding to downward bias. Oscillators signal oversold conditions with Stochastic at 898.06 and RSI approaching 34.68.

Key Levels & Technical Indicators

EUR/CAD - Euro longs remained on the offer side of the market as Canadian dollar bulls continued to push the cross toward the psychologically important 1.4500 figure. A break below the 1.4500 handle will most likely see the cross collapse with euro longs tumbling through their defenses at 1.4408, a May 6, 2002 daily high. A further collapse of the euro defenses will most likely see the Canadian dollar longs take on the 1.4253, a level established by the key 61.8 Fib of the 1.2596-1.6978 EUR rally. A further collapse will most likely see the Loonie bulls bulldoze their way through the psychologically important 1.4000 handle, thus breaking the last of the immediate euro defenses around 1.4068, a level marked by the May 27, 2002 daily low. Indicators signal range trading conditions with both oscillators remaining in a neutral territory, while momentum indicator remains above the zero line and MACD sloping upward toward the zero line. 

Key Levels & Technical Indicators

Sam Shenker is a Technical Currency Analyst for FXCM.