EUR/SGD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The bias towards EUR/SGD is bearish, being that the currency pair has recently proved to be unable to overcome resistance at 1.5150 (May high). While we may expect some rallies in the short run, they should be limited by the falling trend-line at 1.48. The immediate support is at 1.4680, represented by the May low. Once this level is breached, the Euro will likely aim for 1.46, where it is going to meet the lower boundary of the channel. However, if supply at 1.48 turns out to be insufficient to prevent appreciation of the single currency, the bears will have another chance to resume the sell-off near 1.49, where the recent highs coincide with the 200-hour SMA.
© Dukascopy Bank SA
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