EUR/SGD 4H Chart: Channel Down

A channel on EUR/SGD we have discussed several times in the past stays topical. The pair has recently confirmed the lower edge of the pattern. Consequently, it might be a good idea to stay away from this pair for now, until it finishes the upwards correction. The current rally is likely to extend through the nearest resistances, such as the monthly S2 and weekly S1 at 1.6750. But at the same time the Euro is supposed to be stopped and turned around by a high concentration of supply between 1.69 and 1.695, which is created by the down-trend, monthly S1, weekly S1 and 200-period SMA. The long-term negative outlook is also confirmed by the weekly technical studies—five say ‘sell' and only two say ‘buy'.