EUR/SGD 1H Chart: Channel boundary holds

The 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.
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