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Euro / Singapore Dollar

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EURSGD trade ideas

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
EUR/SGD on the verge of breaking large-scale channelThe Euro has been underperforming against the Singapore Dollar for more than ten years already—but the pair might be beginning to give out bullish signals as the upper bound of the prominent channel down pattern starts to gain attractiveness. With the latest low failing to sustain amplitude, a falling wedge has emerged, and is strengthening the reversal scenario despite the small-scale descending triangle pattern. A break above the upper trend-line of the senior pattern could serve additionally as an up-wave to confirm a newly-formed downward channel with lesser steepness, setting the upper boundary as the next target outside of the prevailing pattern. In case the pair bounces off 1.6429, we will look for it to target the broken senior trend-line around 1.4314. There is a strong cluster right outside the large-scale pattern at 1.5375, consisting of various time-frame SMAs, an expansion and a pitchfork parallel, and it should show its presence if demand starts to pressure. The expansion also approximates a pullback area that has not been respected, giving more reason to believe that the trend is being broken. In addition, it can be observed that the pair had already showed similar conditions in 2011, when the correction-turned-slip was followed by a strong rally. The ADX shows that the trend has diminished and the pitchfork has been exited to the upside. To sum up - while there is no confirmation of the reversal in any form just yet, EUR/SGD shows strong potential for a turnover in market characteristics as the correction diminishes.
Long
by UnknownUnicorn890690