EUR/SGD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
While the big picture is that EUR/SGD is forming a falling wedge, more locally we see the rate moving from the upper trend-line towards the lower one (1.43) within a bearish channel. Accordingly, the recent recovery from support at 1.4670 should not extend any further, the ceiling is at 1.48. Another prominent upward correction is now expected only at 1.4570, where March lows coincide with the lower boundary of the channel. Meanwhile, the technical indicators are mixed, even with a slight bullish bias on the four-hour chart, meaning the upside risks are still significant. As for the SWFX sentiment, at the moment there are significantly more bears (59%) than there are bulls (41%).
© Dukascopy Bank SA
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Fri, 03 Apr 2015 06:15:04 GMT

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