SGD and EUR

Evening Dynamic Traders!

After a relatively quiet day in the markets yesterday we saw some nice price movement today.

Let's take a quick look at my post from last night on the SGD. I mentioned that price was having a breather after a BOB but it wasn't yet clear how far that breather would go. Today we have a bearish engulfing candle, although this doesn't yet confirm the end of the pullback, as we haven't quite broken the low. As you can see, price is now contending with a support area coupled with the RN. So will the sellers continue to step in tomorrow for this S cluster to be broken? Let's wait and see.
















Also, let's take a glance at the EUR. Bijal had mentioned this a couple of days ago and I just wanted to update you with today's action. You can see we have a nice bullish candle today, moving around 150 pips. Price has pierced into the R Zone. Whether price will continue on up with the current trend is yet to be revealed. The MACD signal lines suggest we may still have some momentum in the move, but of course being SM we will be patiently awaiting, certainly for it to clear the fuzzy, uncertain R territory. Remember we have the figure looming above and as Bijal had mentioned there is also divergence on the higher timeframe - so if the rally were to continue it may be short lived before facing another road block.
















Have a super evening!

Sonia Molina