EUR/SGD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
An unsuccessful attempt to climb over 1.77 in March has entailed emergence of a bearish channel. The pattern is already more than 400 bars long and is likely to become even larger in the future. However, right now EUR/SGD is undergoing an upward correction, which is expected to end as soon as the pair comes into contact with the upper trend-line after crossing the resistance at 1.71. The supply there is considered to be enough to start another bearish wave that should lead first to a re-test and then a breach the support at 1.6847 (weekly S2 and Jun 12 low). At the same time, the traders' sentiment is strongly negative towards the Euro—only 27% of open positions are long.
© Dukascopy Bank SA
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