EUR/SGD heads to south at 1.5960

EUR/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.
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