EUR/SGD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After peaking at 1.7673 on March 13, the pair began moving downwards and has lost more than 450 pips since then. After touching pattern's resistance on April 3, the pair should, in theory, moved to the south and hit pattern's lower boundary. Nonetheless, the pair is performing another attempt to penetrate the resistance line, and according to aggregate technical indicators on a weekly chart, bulls will manage to do so in a long-term perspective. In a shorter term the outlook is still bearish, keeping in mind strongly bearish single currency and ‘sell' signals from technicals on a 4H and daily charts. The key level for further depreciation is a recent low and a daily S3 at 1.7231.
© Dukascopy Bank SA
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