EUR/SGD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since December 29 the Euro has been underperforming the Singaporean currency, which led to emergence of the present channel down pattern. At the same time, the pair has recently stabilised to trade sideways. As a result, it approached the upper-trend line of the pattern, even without moving considerably upwards. At the moment outlook for the pair is clouded. Technical indicators are neutral, meaning that their influence on near term movements may not be very significant. Meanwhile, from the upside the pair is currently limited by a cluster of resistances around 1.5790. However, 74% of SWFX traders are holding long positions and believe the pair will cross this area.
© Dukascopy Bank SA
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