EUR/SGD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The pair lost its long-term bullish momentum at the middle of March and it has dropped more than 1000 pips since then, meanwhile, forming a Channel Down pattern. The trading range seems to be narrowing as the previous minor high was at 1.6805, around 50 pips below the down-trend resistance line. If the 4H and daily technicals are mixed then the weekly studies are pointing downwards; therefore, we expect the pair to approach the pattern's support line around the major level at 1.65. At the same time EUR/SGD sentiment is bullish, as 58.34% of the SWFX market participants expect the Euro to outperform the Singapore's Dollar.
© Dukascopy Bank SA
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