EUR/SGD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite also trading inside the bearish channel since February 20, the EUR/SGD currency pair has a slightly different situation in its development stage. The single European currency has just bounced off the lower trend-line of the pattern and is now trying to build up bullish momentum in order to gain value in the foreseeable future. On the other hand, both short and long-term technical indicators are pointing to the downside at the moment. Moreover, almost 69% of SWFX market participants are holding short opened positions, meaning that the current rebound may not be a long-lasting one. Therefore, the medium-term outlook tends to be negative for the Euro.
© Dukascopy Bank SA
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