EUR/SGD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/SGD is trading around the weekly PP at 1.6748, which is slightly below the last minor high at 1.6803. For the Channel Down pattern to remain in effect the pair has to reach the down-trend resistance line at 1.6850. If EUR/SGD fails to rebound then the pattern is going to narrow, meaning that this pattern could start taking Falling Wedge's form. Nonetheless, the 4H technical indicators are largely bullish; therefore, we might see the pair reversing recent losses and reaching the down-trend resistance. The pair's sentiment is bearish, with 54.18% expecting the decline to continue.
© Dukascopy Bank SA
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