EUR/SGD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The single currency has been losing ground versus the Singapore Dollar since March 19. The general trend is still bullish, however, it will be extremely difficult to climb above the recent high at 1.7673. While market sentiment (73%) and aggregate technical indicators on a daily chart are sending ‘sell' signals, the outlook is bullish. This idea will be confirmed only after bulls penetrate the upper trend line. In this case, long traders should focus on a weekly and daily resistance at 1.7381. A penetration of this level will clear the way for the 200-period SMA. As an alternative scenario, the pair can climb back into pattern's boundaries and head towards weekly pivot and daily R1 at 1.7300.
© Dukascopy Bank SA
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