EURSGD breaks back above 100-day moving average
Euro/Singapore Dollar (EURSGD) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
EURSGD ended the week -0.84% lower at 1.5080 after gaining 19 pips (0.13%) today. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (EURSGD as at Feb 14, 2020):
Friday's trading range has been 66 pips (0.44%), that's slightly below the last trading month's daily average range of 69 pips. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for EURSGD.
The currency managed to close back above the 100-day moving average at 1.5077. Prices are trading close to the key technical resistance level at 1.5133 (R1). After having been unable to move lower than 1.5050 in the previous session, the FX pair found buyers again around the same price level today at 1.5048. The last time this happened on February 5th, EURSGD gained 0.18% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 100" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for EUR/SGD. Out of 74 times, EURSGD closed lower 54.05% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 59.46% with an average market move of -0.29%.
With five out of the seven Major FX Pairs closing lower today, the ones that stand out on the negative side are USDCAD losing -0.12% and EURUSD closing -0.08% lower. On the flipside the best performers have been USDCHF closing 0.28% higher and GBPUSD gaining 0.02%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been USDSEK surging 0.51% and EURSEK closing 0.43% higher. The worst performers of the day have been EURHUF tanking -0.65% and USDHUF closing -0.58% lower. Read more