The EUR/SGD exchange rate has been trading upwards within an ascending channel since the end of July.
From a theoretical perspective, it is likely that the currency pair could continue to trade within the given channel in the medium term. Note that the pair could face the resistance level formed by the monthly R1 at 1.6338.
In the meantime, it is unlikely that some downside potential could prevail in the market, and the exchange rate could decline below the Fibo 50.00% at 1.5678.
