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Although the market has been distinctly bullish since the summer of 2012, after a test of the resistance at 1.77 (mid-March) EUR/SGD seems to be unable to regain its upward momentum. The price may rise some 150-200 pips in the short run, but as long as the exchange rate stays beneath 1.69 (200-period SMA and down-trend) the overall outlook will be considered negative.
Depreciation of the single European currency is also implied by the technical indicators, especially on the daily and weekly time-frames. At the same time the SWFX traders' sentiment towards the pair is also bearish—63% of open positions are short.
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