Indicator | 4H | 1D | 1W |
MACD (12; 26; 9) | Sell | Sell | Buy |
RSI (14) | Neutral | Neutral | Neutral |
Stochastic (5; 3) | Neutral | Neutral | Neutral |
Alligator (13; 8; 5) | Sell | Sell | Buy |
SAR (0.02; 0.2) | Sell | Buy | Sell |
Aggregate | ⇒ | ⇒ | ⇗ |
The Euro has been weakening against the Singapore Dollar since early February—a movement which has been constrained in a descending channel. As apparent on the chart, the pair failed to reach its upper boundary last week, as it was hindered near the 1.6240 area for several sessions.
On Monday, the Euro was testing the 1.62 mark which is reinforced by the 100– and 200-hour SMAs and the weekly PP.
It is likely that this strong resistance pressures the rate lower within the following two sessions. Nevertheless, the general up-trend is still expected to prevail. The nearest resistance is set by the senior channel line and the weekly R1 at 1.6240. In case of an upside breakout, this surge should continue up until the monthly R1 at 1.6330.
Meanwhile, a move below 1.6150 could mark a new wave down, thus guiding the pair towards the 1.5950 territory.