EUR/SGD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The EUR/SGD currency pair has been depreciating since the second week of August, when the channel down pattern was formed. Since then the downward-sloping channel covered 368 bars and the Euro is still trading to the south inside the boundaries of the present pattern. After a recent touch of the upper boundary, the cross started hovering in the direction of the lower trend-line. The next support level is located at 1.6448/43 (daily and weekly PP) and it may hold the pair for some time, especially taking into account bullish sentiment of traders (59%). Technical indicators are mixed, suggesting that the current bearish trend of the pair is not guaranteed to hold in the medium and long-term.
© Dukascopy Bank SA
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