EUR/SGD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/SGD cross will most likely fall under considerable bearish pressure in the nearest future as the price has just approached the upper boundary of the channel down pattern. The pattern's edge is also strengthened by 100 and 200-hour moving average, which are not expected to let bulls succeed. Bearish scenario is projected by aggregate four-hour technical indicators at the moment, while none of them are giving signals to acquire the single European currency at the moment. The first demand to meet is represented by the weekly S1 at 1.5877, followed by the pattern's support and daily S1 at 1.5767/62. However, traders retain their bullish views on the matter (70% - long).
© Dukascopy Bank SA
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