EUR/SGD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/SGD commenced a robust recovery early February, when it bottomed out at 1.71. Later on the rally developed into a bullish channel, which is now more than 200 bars long. Right now the currency pair is testing the lower boundary of the pattern at 1.7530, which needs to withstand selling pressure in order for the outlook to remain positive, then we will the resistance at 1.78 as the near-term goal. In case of an alternative scenario, in which the up-trend support at 1.7530 is breached, the initial target will be a cluster of supports near 1.7425 instead.  But the SWFX market participants do not favour the latter course of events—as many as 58% of them are currently holding long positions.

© Dukascopy Bank SA
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