EUR/SGD 1D Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After appreciating against the Singapore Dollar for nearly 20 months, the European currency encountered an impenetrable resistance at 1.77 in March. Since then the market has been bearish, resulting in formation of the downward channel.
Right now EUR/SGD is trading near the upper trend-line of the pattern at 1.6170, meaning not only the long term, but also the short-term perspectives are negative. The pair is expected to erode the support at 1.60 (current 2014 low and monthly S1) and thus open the path towards the 2013 minimum at 1.5830, reinforced by the monthly S2 level.
© Dukascopy Bank SA
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