1. EUR/AUD
2. EUR/CAD

EUR/AUD - Euro bulls continued to pound the Australian dollar positions as single currency longs repeatedly pushed the cross against the 1.6045, a level marked by the 23.6 Fib of the 1.7712-1.5532 AUD rally. As the price action temporarily stalls and euro longs consolidate their gains, a further break of the Australian dollar defenses will most likely see the cross head higher toward the 1.6129, a defensive position established by the Australian dollar bulls during the August 25 daily low. A sustained momentum to the upside will most likely see the euro bulls overrun Australian dollar positions and push the cross toward the 1.6294, August 9 daily low. Indicators signal trendless market conditions with ADX below 25, while MACD is sloping upward toward the zero line and momentum indicator is treading above the zero line. Oscillators remain in a neutral territory thus giving the euro bulls plenty of room to maneuver.

Key Levels & Technical Indicators

EUR/CAD - Euro longs managed to stave off the counterattack launched by the Canadian dollar longs aimed at retaking the psychologically important 1.4000 handle. However the failure by the Loonie longs to gain momentum and a countermove by the single currency long and a move to the upside will most likely see the euro bulls push their way toward the 4647, a level marked by the 50-day SMA, and with sustained momentum taking on the Loonie offers around 1.4773, a level marked by the 50.0 Fib of the 1.2569-1.6978 EUR rally. Indicators signal an end to the previous trend with ADX below 25, at 32.44, with both oscillators treading in a neutral territory, while momentum indicator is crossing above the zero line with MACD sloping upward below the zero line. 

Key Levels & Technical Indicators

Chart of the Moment

Sam Shenker is a Technical Currency Analyst for FXCM.