Technical Analysis of EUR/SGD dated 2015.01.14
EUR/SGD was in a strong and consistent downtrend during the recent months that sellers were successful in obtaining the lowest price of 1.56611 .Price during the downtrend by reaching to the support level of number 1 weekly pivot point and touching the Fibonacci resistance level of 78.6( from the bottom price of 1.51710 to top price of 1.76662) has been stopped from more descends by creating a bottom price. (need to be confirmed by a bullish candle)
As it is obvious in the picture below, between the top price of 1.64375 and bottom price of 1.56611 there is Bullish Deep Crab harmonic pattern that warns the potential of ascending from the D point of this pattern.RSI indicator is in saturation sell area in h4 time frame and in divergence mode with the price chart that warns about changing price direction during the next days.The first important warning for ascending of price is breaking of the 1.57675 resistance level(the highest level of price changes in previous candle).
Written by the technical team of PipSafe Company
Tags : bullish candle Bullish Deep Crab harmonic EUR/SGD Fibonacci resistance level Forex Market Analysis harmonic pattern RSI indicator