EUR/SGD breaks senior downtrend

Note: This section contains information in English only.
Source: Dukascopy Bank SA
EUR/SGD fell 35% over the last eight years, and has just recently taken a different stance rather than following the channel down pattern as it did during the plunge. 2015 marked a new trend with a descending triangle, which shared its upper trend-line with the senior channel, both losing to the strong Euro in the last two months. Working against the extension of the upward breach at 1.5244, the pair has entered a bearish pattern on the hourly chart, which appears channel-like and is likely to finalize the retracement, limiting the losses then and there, as the several failed upside breakout suggest. What speaks in favour of an extended uptrend after the broken line is corrected is the 44-pip channel up, which, although still requires confirmation, makes the trend clear. We see potential for an immediate rally, suggesting that the retracement could be completed already and the pair could reach 1.5439, the upper trend-line of the channel up pattern.  

Monthly Chart
© Dukascopy Bank SA


The pair has remained steady inside of the Andrew's Pitchfork, trading just above the bottom line for the last four days, after diving from consistent median-line tests. We are looking for tests of 1.5303, the 200-hour SMA with some intermediate hitches before that. In case the channel up motion is maintained, 1.5319, the upper trend-line of the junior channel down will be attempted and broken, causing a bullish outburst towards 1.5365. 

Daily Chart
© Dukascopy Bank SA


Previous highs will remind of themselves at 1.5333, 1.5361 and 1.5396 on the way. Trading below a green Ichimoku cloud, the movements have produced a red one for the future, setting 1.5283 as the level to watch over the next session. With Tenkan sen lying almost on top of Kijun sen, the lines have somehow managed to maintain a bearish position, signalling that the longer-term rally could be delayed.  

Hourly Chart
© Dukascopy Bank SA


Monday was a busy day for the Euro, opening up with the Italian Trade Balance, Final yearly CPI and Final Core yearly CPI, and finishing off with Draghis and German Buba President Weidmann's speeches at 17:35 GMT. While news in the morning session failed to shake the markets, afternoon's schedule as well as Thursday's ECB releases are bound to instill some uncertainty in EUR/SGD movements.

Aggregate Technical Indicators
© Dukascopy Bank SA
Back to articles

Actual Topics

Tue, 18 Oct 2016 07:07:23 GMT

EUR/USD back up above 1.10 on Tuesday

The common European currency moved higher against the Greenback on Tuesday morning, as the currency exchange rate attempted to even break through the resistance put up by the second monthly support level at 1.1026.

Mon, 17 Oct 2016 14:24:05 GMT

Kiwi gains on Monday

The New Zealand Dollar surged against the US Dollar in the fit half of Monday, as the pair moved to trade above the newly formed weekly pivot point at 0.7104.

Subscribe to "Fundamental Analysis" feed

تسجيل
كي تعرف المزيد عن منصة تداول دوكاسكوبي بنك للعملات وعقود الفروقات ومعلومات أخرى متعلقة بالتداول,
يرجى الاتصال بنا أو طلب اتصال.
للمزيد من المعلومات حول التعاون العملي المحتمل,
يرجى الاتصال بنا او ترك طلب لاعادة الاتصال
للمزيد من المعلومات حول منصة تداول الفوركس\الخيارات الثنائية, السوق السويسري للفوركس و اي معلومات اخرى تتعلق بالتداول,
يرجى الاتصال بنا أو طلب اتصال.
كي تعرف المزيد عن منصة تداول دوكاسكوبي بنك للعملات وعقود الفروقات ومعلومات أخرى متعلقة بالتداول,
يرجى الاتصال بنا أو طلب اتصال.
للمزيد من المعلومات حول منصة تداول العملات المشفرة\عقود الفروقات\الفوركس, السوق السويسري للفوركس و اي معلومات اخرى تتعلق بالتداول,
يرجى الاتصال بنا أو طلب اتصال.
للمزيد من المعلومات عن الوسطاء المعرفين واي معلومات أخرى متعلقة بالتداول,
يرجى الاتصال بنا أو طلب اتصال.
للمزيد من المعلومات حول التعاون العملي المحتمل,
يرجى الاتصال بنا او ترك طلب لاعادة الاتصال