EUR/SGD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the last 130 trading days the Euro index lost 2.34%, with single currency losing ground versus almost all major currencies, including the Singapore Dollar. A 362-bar long channel down is a clear indication of the strong downside movement, while aggregate technical indicators on a 4H and weekly chart are suggesting the pair will continue its movement to the south. After several attempt to penetrate the upper trend line, which is also supported by a 200-period SMA, the pair moved closer to the pattern's support. It seems that 70% will be able to push the pair lower, particularly below recent low at 1.6756, putting weekly S1 at 1.6721 on the map.
© Dukascopy Bank SA
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