EUR/SGD 4H Chart: Two Scenarios Likely

The EUR/SGD exchange rate has revealed a long-term descending channel.

From a theoretical perspective, it is likely that the currency pair could continue to decline within the predetermined channel in the medium term. The pair could target the Fibo 50.00% at 1.5678.

Meanwhile, the exchange rate could gain support from the Fibo 61.80% at 1.5861. Therefore, the rate could breach the predetermined channel north and target the psychological level at 1.6300.