1. EUR/AUD
2. EUR/CAD

EUR/AUD - Euro bulls continued to battle the bulls from down under as Australian dollar longs failed to hold the break in the single currency defenses around the 1.5853, a level marked by the September 15 daily spike low. As Aussie longs regroup and once again attack the euro positions, a break below the 1.5853 will most likely see the AUD longs 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 and acts as a gateway toward the psychologically important 1.5500 handle.. 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 13.74 and RSI neutral 41.59.

Key Levels & Technical Indicators

EUR/CAD - Euro longs retreated further as Canadian dollar bulls managed to push the cross below the psychologically important 1.4500 figure. A further move to the down 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 1.4019, a level marked by the May 15, 2002 daily low. A further move to the downside will most likely see the cross test the bids around 1.3856, a March 20 daily spike low. Indicators signal an existence of a trend with ADX above 25, at 28.45, with Stochastic signaling oversold conditions, however most prolonged occurred after oscillators became oversold. Momentum indicator and MACD are both treading below the zero line thus confirming a downward bias for the EUR/CAD. 

Key Levels & Technical Indicators

Chart of the Moment

Sam Shenker is a Technical Currency Analyst for FXCM.