The Euro has been depreciating against the Singapore Dollar since the end of September when the pair reversed from the upper boundary of a long-term channel at 1.6080.
Currently, the pair is testing the lower channel line located at 1.5691. Given that the rate is pressured by the 55-, 100– and 200-hour SMAs, it is expected that a breakout south from the channel occurs soon. It is likely that the currency pair aims for the Fibonacci 0.00% retracement at 1.5518.
However, if given channel holds, a reversal north might occur in the nearest future, and the pair could target the Fibonacci 38.20% retracement at 1.5872.