EUR/SGD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The EUR/SGD currency pair has formed a very narrow bearish channel pattern, being that the range between and upper and lower trend lines does not exceed 80 pips at the moment. Currently, the pair is moving away from the upper trend line, breaching the daily S1 level at 1.6659. Short-term technical indicators support the fall of the pair and we tend to trust them. On the way to the lower boundary of the channel, at first the pair will have to cross the strong support level at 1.6641 (Daily S2, Jul 24 low). However, market sentiment is strongly bullish, with 59% of all positions being long. The long-term technicals are neutral, hence, the break-out may occur in any direction.
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Tue, 19 Aug 2014 08:27:05 GMT

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