EUR/SGD 1D Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since an encounter with the resistance at 1.7670 in the first quarter the sellers have been in full control of EUR/SGD, forcing the pair to descend to 1.60. But now the rate appears to be trapped between two critical levels, namely the 2014 low and Dec high.
In a base case scenario, when the support is broken, the 2013 low at 1.5835 will likely become the next target, with a real possibility of 1.55 being a subsequent objective. In an alternative scenario, if the Euro manages to climb over the dense cluster of resistances at 1.64, the strength of the bullish momentum will then be tested by the 200-day SMA at 1.6570.
© Dukascopy Bank SA
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