EUR/SGD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The bearish channel in the hourly chart of EUR/SGD is not well-defined, and we require more confirmations of the trend-lines forming it. Still, the bias is negative, and this is reinforced by the near-term technical indicators. Once the 200-hour SMA is broken, the target will be 1.4984, where the weekly pivot point merges with the lower boundary of the channel. Provided that the resistance trend-line fails to prevent a jump through 1.5063, there will be plenty of room for the Euro to appreciate, since there will be no resistances capable of stopping the rally until 1.5223, namely until the July 27 high. The SWFX sentiment is bullish: three out of four positions are long.
© Dukascopy Bank SA
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