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EUR/SGD

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EURSGD trade ideas

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
EURSGD Countertrend LongGod knows why I decided countertrend trading shall be the cornerstone of my trading. I look for market transition from Bullish to Bearish and vice versa. EUR has been in a serious downtrend, seems like overextended and about time for the Bull to come back into play. Based on my trading setup, its telling me that there is a chance for a higher degree correction off this Bearish Trend. I hope this works out, not aiming for big reward but I already have a plan to manage this trade. lets see what the market does.
Long
by jacksonyzx
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