EUR/SGD 1H Chart: Euro appreciates in short term

The common European currency is trading in a channel down against the Singapore Dollar. The upper boundary of this pattern was tested mid-November after which the Euro initiated a new wave down.

This gradual decrease in value, however, was disrupted near the 1.5870 mark when the Euro reversed to the upside once again. Along the way, the pair managed to surpass the 55-, 100– and 200-hour SMAs and the weekly PP .

Technical indicators suggest that this could be just a minor correction against the general down-trend and the pair should eventually resume its movement south. This assumption is in line with the senior pattern. A possible downside target could be the monthly S1 near the 1.5751 mark.

On the other hand, in case of a continuous movement south, the Euro might halt near the monthly R1 at 1.6035.
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