The Singapore Dollar has been depreciating against the European common currency since the end of September. This movement has been bounded in an ascending channel.
As apparent on the chart, the exchange rate is also trading in a long-term ascending channel. The pair has already reversed from the upper boundary of the senior trend at 1.6080 and currently is aiming for its lower line near 1.5720. Given this fact, a breakout from the junior channel might occur soon.
It is the unlikely case that some bullish pressure still prevails in the market, the Euro should not exceed the Fibonacci 50.00% retracement at 1.5982.
As apparent on the chart, the exchange rate is also trading in a long-term ascending channel. The pair has already reversed from the upper boundary of the senior trend at 1.6080 and currently is aiming for its lower line near 1.5720. Given this fact, a breakout from the junior channel might occur soon.
It is the unlikely case that some bullish pressure still prevails in the market, the Euro should not exceed the Fibonacci 50.00% retracement at 1.5982.