Good morning everyone,
I was just preparing for a meeting with some business owners this afternoon and was comparing the Euro Dollars against our Singapore Dollars, so as I can share my thoughts on the currency movements with them.
It is like a perfect storm in the making. The EURSGD looks to rally on all 3 fronts. First let's look at the Weekly chart for this pair:
We are now currently at the PRZ, the pair seems to have found the support here at 1.5000 for the past 2 months since November 2019, with multiple bullish patterns holding at the support levels.
EURSGD H1 Chart:
Both the Bullish Butterfly and the Deep Crab patterns terminated at the support levels. Giving us multiple hints that Harmonic Pattern traders are observing this pair for a BUY.
EURSGD M15: Zooming into the lower time frame
For those of you who are hoping to get a better entry, 1.4972 would be a good level. But do monitor as this M15 move could just form a bull flag and start rallying.
If you are trading the smaller patterns, stops can be at 1.4945 (30pips) with targets minimally at 1.5020 (+50pips). However if you are in for the long run, stops should be about 200pips with targets at +500pips.
"Trade right & your profits will come"