EUR/SGD 4H Chart: Channel Down

Should the pair breach two SMAs along with the weekly PP at 1.5280, it will be expected to approach the first monthly support relatively quickly. A slide below 1.51 will reopen the pattern's channel line and the second monthly support at 1.4916/02. If there is a failure to cross the monthly S1, it is going to become a major signal to buy the Euro. It should be noted that daily technical indicators are giving a bullish aggregate signal. On the other hand, the pair seems overbought, as 71% of all positions are still long and this raises better opportunities to start selling EUR/SGD. A fall under 1.49 will imply the bearish pressure is accelerating, and the focus will turn to the December 2015 low at 1.4834.