EUR/AUD - Euro bulls continued to engage the Australian dollar positions in a starring contest as single currency longs repeatedly failed to push the cross above 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 continued to keep the Canadian dollar longs confined to a trading range as the price action kept going nowhere fast. In case the euro longs launch another attack, a move to the upside will most likely see the single currency bulls push their way toward the 1.4416, a level marked by the 50-day SMA, which currently defends the psychologically important 1.4500 figure. A sustained momentum will most likely see the euro take 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 are diverging with momentum indicator is crossing above the zero line and MACD sloping upward below the zero line, while both oscillators treading in a neutral territory.

Key Levels & Technical Indicators

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Sam Shenker is a Technical Currency Analyst for FXCM.