EUR/SGD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the last time we looked at EUR/SGD, the pair has remained within the boundaries of the channel. However, even though the technical indicators and the pattern imply further depreciation of the Euro, we are bullish on the currency. Looking at the daily chart it becomes clear that EUR/SGD is currently testing the lower bound of the major symmetrical triangle, meaning we are highly likely to see a rebound from 1.5290 and then a rally through the red trend-line. An additional argument in favour of a strong recovery is the fact that the Euro is heavily oversold—a substantial majority of the SWFX market participants is already short the currency, namely 74% of them.
© Dukascopy Bank SA
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