EUR/SGD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro has been is in a channel down pattern against the Singapore Dollar since May 5. At the moment, the currency pair is located in the middle of the pattern, and it is moving downwards at 1.5353. In the meantime, on a larger scale the exchange rate is in a triangle pattern, and it is moving towards the lower larger pattern's trend line at around 1.5160. The Euro has just passed the weekly S1 at 1.5357, and this week it could go down as low as 1.5272, where the weekly S2 is located. Afterwards the pair will likely move to the area around 1.5225 and bounce off the support cluster made up of weekly S3, monthly S1 and the lower trend line of the channel down pattern. In addition, aggregate technical indicators support the pair's downward trend in all timeframes.
© Dukascopy Bank SA
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