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EURSGD Forecast – December-5-2023

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FxNews – In today’s trading session, the EURSGD currency pair showed significant activity by testing the median line of the bearish flag. Concurrently, the Relative Strength Index (RSI) indicator moved out of the oversold territory, indicating a shift in momentum. Notably, the bulls have demonstrated their presence by forming three consecutive bullish candles near the S1 support level.

EURSGD Forecast - December-5-2023

EURSGD Forecast – 4H Chart

While the prevailing trend for the EURSGD pair remains bearish, recent signals suggest that the bulls might be gearing up to drive the price higher. The target for this potential rise is around the pivot point, which lies near the 1.45 mark. Reaching this level could create new opportunities for traders to consider short positions on the currency pair.

EURSGD Forecast

However, analysts at FxNews advise caution before entering sell orders at the current price, as the pair appears to be oversold. For those considering a short position, it’s recommended to limit the risk to no more than 1% of the account balance. This risk management strategy enables traders to sustain their position even if the market trends in the opposite direction.

Should the market approach the pivot point, traders can then execute a second sell order, capitalizing on the strategic position.

Singapore’s PMI and Electronics Rise

Bloomberg – Singapore’s Manufacturing PMI increased to 50.3 in November 2023, up from 50.2 in October, showing the third month of growth and confirming a strong recovery in factory activity. Key indicators improved, such as production (50.5 vs 50.3 in October), new exports (50.6 vs 50.2), employment (50.4 vs 50.2) and order backlog (50.7 vs 50.5). Also, new orders (50.3 vs 49.9) and input purchases (50.0 vs 49.8) rose for the first time. Furthermore, the electronics sector, which accounts for about 40% of Singapore’s industrial output, grew after 15 months of shrinking (50.1 vs 49.9). On the other hand, supply deliveries still shrank, but at a slower pace (49.7 vs 49.4).

  • 5 December 2023
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