EUR/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/SGD topped September highs early October, just to prove disequilibrium and give in to supply pressures, by entering a descending channel, which the pair has been maintaining. Losing volatility, an additional channel down has extended the latest wave, suggesting that the pair could reach the bottom trend-line around 1.5117 or 1.5087 and hover in the middle of the pattern a little longer. Decent support is currently provided by 1.5184, where the weekly S1 and junior channel bottom trend-line clusters, serving as an entry point for a slide towards the senior trend-line. The 1.5227/5225 area is capping upside movements for now and we look for it to fail there if more attacks are launched. There is, however, a strong possibility that the rate might fail to dip underneath 1.5222, as the two-month channel up could prove its dominance and cause the rate to break both junior ones. We would then look for 1.5433 as the ultimate target for the next large-scale wave.
© Dukascopy Bank SA
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