EUR/SGD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Observing price development since mid-October, EUR/SGD might seem in a good position for an upward correction, but the bearish risks are in fact increased. The reason is the falling resistance line that connects Oct 2 and Nov 13 highs. Accordingly, there is a higher chance of a break-out through support at 1.5070/40 than a breach of 1.5230 and an ensuing recovery up to 1.53. A close beneath 1.5070/40 will be a strong bearish signal, as there will be no strong demand areas until the July low at 1.48. The counter-arguments are the mixed indicators and a small number of potential sellers, being that 70% of the market participants are already short the Euro.
© Dukascopy Bank SA
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