EUR/SGD 1H Chart: Channel Down

A decline of the Euro versus its Singapore peer has resumed yesterday evening, and at the moment EUR/SGD is already testing reliability of the 200-hour SMA at 1.5882. In case this level is unable to derail bears, we expect this task to be accomplished by the next support zone, which is represented by daily and weekly S1, 100 and 55-hour moving averages just below 1.5850. This scenario is broadly supported by technical indicators on four-hour and daily time frames, as well as 74% of SWFX market participants. In the meantime, a failure of the mentioned cluster to will pave the way for a drop to the pattern's lower trend-line at 1.5674, with no intermediate demands on the pair's way down.