EUR reached its minimum objective

USD was not the only counter with an impressive move this week. When I saw what happened to USD, I also reference over to EUR. It too went up and ended at 1.562 as of yesterday! So I went through my past blog on this counter. I predicted 1.56. Damn! I did not buy this counter! Okay, I bought some during my last trip to Munich and Villach, but it was in terms of a few hundred and I used quite a bit of them. So practically I am low on this counter.

Fig 1 SGD EUR Weekly chart

 

On  weekly basis, the indicators are inching up and certainly indicates more up-side for this counter, at the same time there is resistance in from the 89-week moving average @ 1.58. We should see some mild retracement from there. However, there is very little evidence here on patterns as to where EUR is going with SGD. So I have decided to go into the lower tie frame for more detail information and short term move.



 

 Fig 2 SGD EUR Daily Chart

With daily chart there seems to be more clarity. It is clear here that there is a reverse head and shoulders since stretched from beginning of 2015 till recent days and the break out is indicated with a spike on this counter. However, the move is not over yet as te head and shoulders indicates that 1.56 is only the 1/2 way mark and there are more to come.

Since I am again going to Munich by end October, I guess it is time to buy more. Now with this happening to EUR SGD, what about USD EUR? Since I am blogging on EUR, I might as well include USD EUR.

 Fig 3 USD EUR weekly chart
IC think I have blogged abot USD EUR in the past, and if so, I would have mentioned the triangle. As o today, this pattern still holds. The rise of this counter (I mean USD going up against EUR) still stands with support of 34-week moving average supporting at EUR0.88.

I have changed one of the indicator to MACD and it shows a support for upward trend. Similarly Stochastic as already moved above 50% mark. So what is the chart itself doing?

The way I see it, a congestion with a potential upward triangle. In fact it looks as if it is in some sort of a 4th wave or beginning of a 5th.

Anyway, I am looking forward to USD past EUR1 mark.  have told one of my colleague of this possibility and he did no believe it. It will feel good to show him I am right. Plus it will be good for my company since it will make our product cheaper.