EUR/SGD may rise 3 - 4 pips

Our pivot point stands at 1.423.

Our preference

Look for a drop towards 1.423 before a bounce.

Alternative scenario

Below 1.423, expect 1.421 and 1.420.

Comment

The RSI is above 50. The MACD is negative and below its signal line. The penetration of 50 on the RSI would call for further downside. Moreover, the pair is trading under its 20 period moving average (1.425) but above its 50 period moving average (1.425).

Supports and resistances

1.432 **

1.430 *

1.429 **

1.428

1.425 last

1.424

1.423 **

1.421 *

1.420 **

Number of asterisks represents the strength of support and resistance levels.