EUR/SGD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency is in a channel down pattern against the Singapore Dollar since May. However, the currency exchange rate had broken the pattern twice, as the Euro gained and afterwards majorly lost strength against other currencies just before and on the news of the UK voters voting in a referendum to leave the European Union. At the moment, the pair is at the pattern's upper trend line at 1.4970, and, in accordance with the trend, it is set to bounce off the pattern's resistance and move lower. However, the aggregate daily technical indicators forecast a surge for the pair today, and 71% of open SWFX trader positions are short. Both of these indicators contradict a prediction of a surge.
© Dukascopy Bank SA
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Tue, 19 Jul 2016 10:22:03 GMT

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