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EURSGD

EUR/SGD 1H Chart: Breakout south expectedThe European common currency has been ranging against the Singapore Dollar since late June. This movement has been bounded in between the 38.20% and 50.00% Fibonacci retracement lines at 1.5860 and 1.5972, respectively. This movement sideways is a part of a larger-scale ascending channel near whose bottom boundary the rate was trading at the time of this analysis. The Euro’s failure to accelerate from this line could be an early indication of a subsequent decline. This scenario would be confirmed if the senior channel is breached circa 1.59. It is a strong support level, as the SMAs on both the 1H and 4H time-frames are located there. In case of a bearish breakout, the pair is likely to target the 55– day SMA and the monthly PP at 1.58 within the following two weeks.
by UnknownUnicorn890690
EURSGD swing look for short continuationAnalysis for swing traders Current trend is up-down-up so the next swing direction is down. Swing traders look for swing short with down continuation since Feb. Overhead shadows 1 2 and 3. Look below for explanation on shadow. Analysis for day traders Day traders look for long continuation in line with current white week candle. Notes: Technical Analysis states that previous turning points offer future potential support resistance zones. 1. Attach a horizontal line at each turning point in the past 12 months on weekly chart. 2. These lines leave a shadow. 3. Shadows are not evenly dispersed but tend to be clustered. 4. When multiple shadows confluence in a tight range, there is a dark shadow which will provide strong support resistance. 5. Look for dark shadow to offer next turning point. 6. Price will move quickly through empty spaces or bright areas.
Short
by colonelkink
EUR/SGD 1H Chart: Pair moves in seven-week channelEUR/SGD has been trading in a descending channel during the past seven weeks. The rate breached the prevailing senior channel along the way and fell to a new one-year low of 1.55 on Wednesday. This level corresponds to the bottom boundary of the aforementioned junior channel. The pair has since recovered some lost positions and is gradually moving towards the upper channel line located near 1.5715. Even tough short-term technical signals are bearish, the general market sentiment nevertheless remains bullish. It means that the Euro should reach the upper channel line next week and continue its appreciation even further away from its yearly low. A possible upside target within the following month is the 1.65 area where the breached senior channel and the monthly R3 are located.
Long
by UnknownUnicorn890690
EUR/SGD 4H Chart: Medium-term pattern to prevailThe common European currency has weakened against the Singapore Dollar since early February when the pair reversed from the senior channel at 1.6450. This mark is likewise the highest price level since mid-2014. The strong bearish sentiment which prevailed during the last week of April forced a breakout from the aforementioned long-term pattern. The rate has since retraced from its bottom line, the 55-period SMA and the weekly PP at 1.5975. Nevertheless, technical indicators remain in favour of a surge within the following week in line with the medium-term channel. In case this scenario is to occur, the Euro should target the 1.61 territory which is restricted by the monthly PP, the 100-hour SMA and the upper channel line. In case some downside momentum still prevails in the market within the following days, a fall is unlikely to surpass a support cluster located near 1.5820.
Long
by UnknownUnicorn890690
EUR/SGD 4H Chart: Bearish in medium termAfter reaching a three-year high of 1.6427 early in February, the common European currency began trading in a new wave down. This movement has been bound in a descending channel but with a diminishing trading range. Technical indicators demonstrate that the pair is likely to edge higher and approach the prevailing junior channel down during the following week. Some hindrance could be encountered near the combined resistance of the 55-, 100– and 200-period SMAs and the monthly PP circa 1.62. By and large, the rate is expected to maintain its current trend south. A possible target for the following month is the 1.5950/1.5900 territory where the bottom boundary of another channel is located.
Short
by UnknownUnicorn890690
EUR/SGD: Exit-LongThe start of a correction is very likely after the completion of a Wave 5 bullish cycle. Weakness and divergence (weekly chart) is setting in just shy of the price projection at 1.6480. Dipping below 1.6190 signals the start of a correction back to 1.5870<>1.5790. Cover longs and/or enter short if your risk appetite allows for it.  Primary trend: neutral Outlook: completion of impulse wave, negative Strategy: exit-long, trading short-entry below 1.6190 Support: 1.6190 / 1.5870* / 1.5790 Resistance: 1.6340 / 1.6450 Outlook cancelled/neutralized above 1.6450
Short
by buyem_nl
EUR/SGD 1H Chart: Senior channel unlikely to holdThe Euro has been appreciating against the Singapore Dollar in a two-month ascending channel. On February 2, the pair reversed from the monthly R1 at 1.6443— which is also a 2016/2018 high— and began edging lower in a new short-term wave down. As apparent on the chart, the pair bounced off the weekly PP today and fell sharply past the 100– and 200-hour SMAs near 1.6322. If the bearish sentiment continues to dominate the market within the following hours, traders could see a breakout south from the senior channel and a subsequent price decline down to the monthly PP at 1.6174. On the other hand, the Euro might try to regain some lost positions after today’s fall and thus find support at the weekly S1 and the senior channel circa 1.6250. Upside potential in this scenario could be the 1.6443 mark. The rate’s subsequent movement should nevertheless be south.
by UnknownUnicorn890690
EUR/SGD 1H Chart: Euro appreciates in short termThe common European currency is trading in a channel down against the Singapore Dollar. The upper boundary of this pattern was tested mid-November after which the Euro initiated a new wave down. This gradual decrease in value, however, was disrupted near the 1.5870 mark when the Euro reversed to the upside once again. Along the way, the pair managed to surpass the 55-, 100– and 200-hour SMAs and the weekly PP. Technical indicators suggest that this could be just a minor correction against the general down-trend and the pair should eventually resume its movement south. This assumption is in line with the senior pattern. A possible downside target could be the monthly S1 near the 1.5751 mark. On the other hand, in case of a continuous movement south, the Euro might halt near the monthly R1 at 1.6035.
by UnknownUnicorn890690
EUR/SGD 1H Chart: Channel boundary holdsThe common European currency has been trading in a downward-sloping channel against the Singapore Dollar for the last two months. The second bottom confirmation was provided late on Friday when the rate bounced off the 1.5828 mark. The massive plunge that began on October 26 sent technical indicators in the strongly bearish and oversold territory. These signals are gradually recovering, thus pointing to a possible upward momentum—a move that would once again demonstrate the strength of the descending channel. However, the Euro faces a significant resistance area set by the weekly PP and R1, the monthly S1 and the 55-, 100– and 200-hour SMAs in the 1.5913/1.6022 territory. It is likely that the rate hinders near this area or even trades lower prior to breaching it during the second half of this trading week.
Long
by UnknownUnicorn890690
EUR/SGD 1H Chart: Soon breakout from channelThe Euro against the Singaporean Dollar has been trading in a channel down for the past seven weeks. The last up-wave was initiated late in September when the rate bounced off the monthly S1 at 1.5940. The subsequent gradual appreciation resulted in the formation of a channel up. Given the characteristics of the senior pattern, it is likely that the Euro tries to push for its bottom boundary in the 1.5800/1.5850 area in the medium term. However, technical indicators suggest that there is still some upside potential that could be realised either today or next week. By and large, the daily time-frame demonstrates that this movement downwards might be just a correction towards the general up-trend. Thus, medium-term appreciation could be expected, especially if the rate fails to breach the weekly PP and the 200-hour SMA at 1.6001.
Long
by UnknownUnicorn890690
EUR/SGD heads to south at 1.5960EUR/SGD 4H Chart: Channel Down The common European currency is losing value against the Singapore Dollar in one month long descending channel whose formation represents a rebound of the pair from the upper trend-line of a preceding ascending channel. The short-term target for rate is expected to be an intersection of the monthly S1 at 1.5959 and the bottom edge of the pattern. Due to the fact that the channel consists of four confirmation points, the pair theoretically could break to the bottom. However, a rebound most likely is going to follow. But even in that case the surge might be hampered by the slipping 55-, 100- and 200-hour moving averages.
by UnknownUnicorn890690
EUR/SGD 1H Chart: PennantEUR/SGD 1H Chart: Pennant The common European currency is advancing against the Singapore Dollar in a little pennant pattern that formed in the result of announcement of information on the US CPI last Friday. Since the pair is moving in a continuation pattern, then breakout is expected to occur in the northern direction. The length of the subsequent rise might amount to 50-60 basis points, which coincides with the updated weekly R1 located at the 1.6155 level. This scenario is additionally supported by the pressure exercised by the 20- and 200-hour SMAs as well as the 55- and 100-hour SMAs plus the weekly PP at 1.6052. Moreover, 71% of traders hold bullish positions on the given currency pair, while 65% of pending orders in 100-pips range are set to buy .
by UnknownUnicorn890690
EUR/SGD 1D Chart: Channel UpEUR/SGD 1D Chart: Channel Up The common European currency is gradually advancing against the Singapore Dollar in a long-term ascending channel. The pattern started to form after the currency exchange rate made a rebound and ended to move a six month long horizontal movement. One of the features of this channel is that, initially, it gained two reaction highs in a row and, afterwards, two reaction lows in a row, which suggests that the same situation might happen in future. Last week the currency rate made a third rebound from the upper edge of the channel but failed to fall below the updated weekly PP at 1.6035. Therefore, there is chance that the pair will surge one more time towards the weekly and monthly R1 near 1.6117 before making an ultimate slip to the southern direction.
by UnknownUnicorn890690