Dukascopy Bank Team
Dukascopy Bank SA
EUR/SGD 4H Chart: Channel Down
Comment: EUR/SGD is trading around the weekly PP at 1.6748, which is slightly below the last minor high at 1.6803. For the Channel Down pattern to remain in effect the pair has to reach the down-trend resistance line at 1.6850. If EUR/SGD fails to rebound then the pattern is going to narrow, meaning that this pattern could start taking Falling Wedge’s form. Nonetheless, the 4H technical indicators are largely bullish; therefore, we might see the pair reversing recent losses and reaching the down-trend resistance. The pair’s sentiment is bearish, with 54.18% expecting the decline to continue.
EUR/CAD 4H Chart: Channel Up
Comment: The pair recently received a bearish impetus near the up-trend resistance at 1.4736. However, at the moment the pair’s bears are trying to drag EUR/CAD below the monthly R1 at 1.4698. We expect that to happen despite the bullish 4H and daily technical studies as the longer term (weekly) technicals point downwards. The next key support level is around 1.46, which also remains a target for this Channel Up pattern. Also, the pair is hovering around the lower levels this year, thus there is a room for further gains. The market is sharing the same amount of bullish and bearish traders at the moment, indicating on uncertainty among the market participants.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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