EUR/SGD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After posting half-year highs in November, EUR/SGD continued slightly red in a flattish motion towards 0.5022. The daily chart suggests that there is a large-scale channel down pattern guiding the movement and that the current hourly channel up is just serving the purpose of leading the pair to the upper boundary. In case the senior pattern holds, 1.5251 will send it packing, leading to a break below the junior channel around 1.5191. The break would trigger a plunge before a correction of the broken level, putting the 1.5146/41area into perspective for the potential bounce.
© Dukascopy Bank SA
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