EUR/SGD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although EUR/SGD is currently trading within the boundaries of an upward-sloping channel, the long-term perspective is deemed negative. While in the short run there is still some upside potential left, despite the strong resistance level at 1.4739, the market is distinctly bearish. The Euro has been in a strong down-trend since Feb 20, when it was eight cents more expensive. Another sign is the daily technical indicators: five out of eight are presently giving ‘sell' signals.
As for the distribution between the bulls and bears, an overwhelming majority of traders are optimistic with respect to the single currency—73% of open positions are long.
© Dukascopy Bank SA
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