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There are longer term bullish setups in the Euro / commodity crosses.

Now is a good time to take a longer term perspective.  Near term, the Fibonacci support zone (of the rally from .6535 to .8192) does not begin until .7558.  The spike high at .8075 on October 10 should now remain intact.  .7866 and just above there is resistance.

Expect the EURCHF to range in what should be a 4th wave correction before the pair drops to a new low (below 1.5073). 

A long term EURCAD bull is underway.  In the coming months, expectations are for breaks above 1.6331 and 1.6959.  There is support at 1.5507.

The EURAUD has come off of its all-time high above 2.11 but the drop is corrective and may even be complete at today’s low.  It is possible that the pair slips a bit lower to test support from former congestion near 1.85, but the next move of consequence is higher; to a new all-time high.  A major top is then expected to form.

The EURNZD completed a 15 year triangle in July 2007.  A break above the triangle (2.6171) will lead to a top and reversal (since triangles lead to terminal moves).  The 2.070 zone should be strong support; this is the confluence of the 50% of 1.8181-2.3563 and the low from earlier this month.

Jamie Saettele writes Forex Technicals: The Day Ahead, Monday-Thursday (published at 6 pm EST), Daily Technicals every weekday morning (9 am EST), COT Analysis (published Monday mornings), and analysis of currency crosses throughout the week.  He is also the author of Sentiment in the Forex Market.