EURSGD rebound opportunity
Updated
The EUR has taken heavy hits on Friday and dropped across the board. The outlook might be a negative one after all. But experience tells that there is most likely a temporary rebound before the way down continues. Trading the rebound requires good timing and picking the right pair. According to my model the best opportunity is in EUR/SGD. The Friday drop has formed a channel low on the H4 time frame in this symbol. This offers a good risk/return setting with resistance at 5.260 and target at 5.350.
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Support broken. The setup is invalidated
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