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EUR/SGD

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EURSGD trade ideas

EUR/SGD H4 – Upward momentum buildingThe EUR/SGD currency pair, on the H4 time-frame, was in a down trend until the 25th of July when a lower bottom was recorded at 1.51634. Demand overwhelmed supply and the downward momentum was negated. A closer look revealed that the Momentum Oscillator displayed positive divergence between point a and b compared to the price at 1.51899 and 1.51634. This could have alerted technical traders to a possible reversal in the progress. After the bottom at 1.51634 the market broke through the 15 and 34 Simple Moving Average, the Momentum Oscillator broke the zero baseline into bullish territory and there was a crossing of the 15 and 34 Simple Moving Averages, called a Golden Cross. All of these confirmed a possibility of a technical price reversal. A possible critical resistance level formed when a higher top was recorded later in the session on the 25th of July at 1.52772. Sellers tried to push the price lower but demand overcome supply and a higher bottom with a Hammer Candlestick formed on the 28th of July at 1.52254. If the EUR/SGD breaks through the critical resistance level at 1.52772, three possible price targets may be projected from there. Attaching the Fibonacci tool to the top of the possible reversal at 1.52772 and dragging it to the higher bottom at 1.52254, the following targets may be calculated. The first target can be anticipated at 1.53092 (161 %). The second price target can be predicted at 1.53611 (261.8%) and the third and final target may be expected at 1.54449 (423.6%). If the support level at 1.52254 is broken, the possible scenario is invalidated and will need to be re-evaluated. As long as buyers maintain a positive sentiment and demand overcomes supply, the outlook for the EUR/SGD currency pair on the H4 time-frame will remain bullish.
by FXTM
EURSGD Long BiasWelcome to everyone! Today is the time of EURSGD. As we know eursgd just reacted the previous higher timeframe descending trendline and creater new monthly demand imbalance. by using supply and demand method we earn good profit when we follow higher timeframes. On another side we have monthly supply area up there where market could reach and retrace back for retesting the levels. So right now we are here with long positions. Enjoy the weekend. Happy Trading.
Long
by saqibrajaforexgroup