EUR/SGD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro has been following a downward trend since mid-December, when it failed to overcome the resistance at 1.64. However, the pair has formed a bearish channel only recently. EUR/SGD has just encountered the falling support line at 1.50, and at the moment it is undergoing a bullish correction. The immediate resistance is at 1.5186, represented by the daily R1 and weekly PP. Nonetheless, the rally is likely to extend further, potentially up to 1.5350 (200-hour SMA and falling support line), before the Euro starts negating gains. Meanwhile, the SWFX traders are undecided with respect to EUR/SGD—53% of open positions are long and 47% are short.
© Dukascopy Bank SA
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