EUR/SGD 1W Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
At the moment EUR/SGD is bullish, as the currency pair is guided north by the trend-line that was established back in 2015, currently at 1.53. The upside, however, is limited, being that there is an upper boundary of an eight-year downward-sloping channel at the level of 1.5950 Singapore dollars that is supposed to prevent further appreciation of the single currency and start a near bearish wave. The sell-off is also implied by the long-term moving average that reinforces the red trend-line. Nevertheless, we should note that the indicators are mixed and that the Euro is already oversold—as many as 70% of presently open positions are short.
© Dukascopy Bank SA
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