1. EUR/JPY
2. EUR/CHF
3. EUR/GBP

EUR/JPY - Euro bulls remained confined to a narrow trading range, as it kept the cross bound to the 136.00 handle. As the price action resumes and Japanese yen longs finally make a move, a break below the triangle's lower boundary will most likely see the euro bulls tumble toward 134.44, a level marked by the 38.2 Fib of the 140.51-130.68 JPY rally. A further collapse of the single currency defenses will most likely see the EUR/JPY head straight for the 133.00 figure, marked by the 23.6 Fib of the 140.51-130.68 JPY rally thus breaking the 133.53, an August 22 daily spike low. A sustained momentum on the part of the Japanese yen longs will most likely see the euro bulls continue to retreat toward the psychologically important 130.00 handle. Indicators are mixed with momentum indicator treading above zero line, while MACD is sloping upward toward the zero line. Oscillators continue to tread in a neutral territory thus giving either side enough room to maneuver, while volatility fell as range began to shrink. 

Key Levels & Technical Indicators

EUR/CHF - Euro longs retreated as the price action switched sides in favor of the Swiss Franc bulls, which did not waste anytime in pushing the cross toward the psychologically important 1.5500 handle. As euro longs retreat under onslaught launched by the Swissie longs, with a move towards the 1.5500 figure, encountering euro defenses around 1.5524, a 23.6 Fib of the 1.5079-1.5661 EUR rally, with a break below the 1.5500 handle seeing the cross testing the euro bids around 1.5482, a level marked by the 200-day SMA. Indicators remain in favor of the euro bulls with both MACD and momentum indicator above zero line. Stochastic remains extremely overbought, giving Swiss Franc longs a chance to retaliate, however most of the prolonged moves to the upside happened after the oscillators became overbought.   

Key Levels & Technical Indicators

EUR/GBP - British pound bulls managed to take control of the cross and did not hesitate to push the cross back toward the .6800 figure, a level marked by the 38.2 Fib of the .7106-.6609 GBP rally. As cable longs continue to scatter euro bids, a further move to the downside will most likely see the pound longs test euros defenses around.6768, a 20-day SMA, which currently acts as a first line of defense before sterling bulls can attack the .6726, a 23.6 Fib of the .7106-.6609 GBP rally. Indicators are diverging with momentum indicator above the zero line while MACD is sloping to the upside below the zero line, with overbought Stochastic adding validity to the pound led advance.

Key Levels & Technical Indicators

Chart of the Moment

Sam Shenker is a Technical Currency Analyst for FXCM.