EUR/SGD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/SGD has just touched upon the lower edge of the emerging bearish channel. Accordingly, we expect the Euro to bounce off of the support at 1.5230 and rally towards 1.5470, where the bullish correction should end. The bearish wave that is likely to start there will probably extend down to 1.51. This level is in turn is the lower bound of the symmetrical triangle that is to be eventually broken, considering that in the weekly chart the pair is in a clear down-trend. If the rate manages to jump over the red trend-line, the single currency will have an opportunity to re-test the upper bound of the triangle at 1.5950, but this will not change the overall negative bias.
© Dukascopy Bank SA
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