EUR/JPY - Euro bulls managed to breakthrough the Japanese yen defenses as the cross made its way above the 138.00 handle during the latest assault launched by the single currency longs. As euro bulls consolidate their recent gains, a failure to push above the 138.40, a level marked by the key 78.6 Fib of the 140.51-130.68 JPY rally will most likely see the Japanese yen bulls retaliate in force and push the cross below the 138.00 figure and with sustained momentum seeing the yen bulls take on the euro defenses around 136.73, a level marked by the 61.8 Fib of the 140.51-130.68 JPY rally. A further collapse of the euro defenses will most likely see the yen longs make their way toward the 135.57, a 50.0 Fib of the 140.51-130.68 JPY rally and a gateway to the psychologically important 135.00 handle. Indicators favor the euro longs with both the momentum indicator and positive MACD treading above the zero line. Stochastic is treading above the overbought line thus giving the yen longs a chance to retaliate.  

Key Levels & Technical Indicators

EUR/CHF - Euro longs staged a countermove against the advancing Swiss Franc longs, but failed to gain momentum above the psychologically important 1.5500 handle and hastily retreated below.  As Swssie longs takeover the price action a sustained move below the 1.5500 handle will most likely see the Swiss Franc longs push the cross below the 1.5488, a level marked by the 200-day SMA. A further collapse of the euros defenses will most likely see the Swiss Franc take on the 1.5440, a 38.2 Fib of the 1.5079-1.5661 EUR rally, a level which is further reinforced by the large triangle's lower boundary. Indicators are mixed with momentum indicator below the zero line, while positive MACD is sloping downward toward the zero line, with neutral oscillators giving either side enough room to maneuver.

Key Levels & Technical Indicators

EUR/GBP - British pound bulls once again lost control over the cross and hopelessly watched as euro bulls overwhelmed the cable's defenses as the cross was pushed against the .6900 handle. As the price action switches gears and euro bulls consolidate their recent gains, the next move to the downside will most likely see the pound bulls reassert their dominance and push the cross toward the .6844, a level marked by the 200-day SMA. A further collapse of the euros defenses will most likely see the cable longs unwind the single currency defenses around .6799, a level marked by the 38.2 Fib of the .7106-.6609 GBP rally. Indicators are favoring the euro longs with both momentum indicator and positive MACD treading above 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.