EUR/SGD 1H Chart: Channel Up

While it appears that the single European currency is losing value against the Japanese Yen and the New Zealand Dollar, it still remains within an upward-sloping channel in its pair with the Singapore Dollar. However, even though the technical indicators are moderately bullish, there is a significant risk the support at 1.6845 will not be able to withstand the bearish pressure, despite it being formed by a number of studies, including the up-trend, 200-hour SMA and the daily S1 level. If this area is breached, then the supports that have a low probability of stopping the dip at 1.6784 and 1.6748 will be exposed.