1. EUR/AUD
2. EUR/CAD

EUR/AUD - Euro bulls managed to thwart the latest attempt be the Australian dollar longs to break below the channel's lower boundary after single currency longs successfully defended the 1.5800 handle. As euro longs reverse their fortune, the next move to the upside will most likely see the cross head toward the 1.5957, a level marked by the 20-day SMA, with a further break to the upside testing the Aussie defenses above the psychologically important 1.6000 figure at 1.6055, a level marked by the 23.6 Fib of the 1.7712-1.5532 AUD rally. 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 remain in a neutral territory thus giving the euro bulls plenty of room to maneuver.

Key Levels & Technical Indicators

EUR/CAD - Euro longs retreated further as Canadian dollar bulls continued to push the cross toward the psychologically important 1.4000 figure. A further move to the downside will most likely see the Loonie bulls push their way toward the 1.4019, a level marked by the May 15, 2002 daily low, which currently acts as a gateway to the psychologically important 1.4000 figure. A failure to break below the 1.4000 handle and a subsequent reversal will most likely see the euro bulls spring into action and push the cross toward the Canadian dollar defenses around 1.4393, a level marked by the 20-day SMA. Indicators signal an existence of a maturing trend with ADX above 25, at 34.55, 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.