EUR/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The sell-off that began in the second part of March was stopped near 1.72, and since then the Euro has been generally appreciating relative to the Singapore Dollar, leading in the end to formation of the bullish channel. At the moment the currency pair is bearish, being that it has just confirmed the upper boundary of the pattern. Therefore the exchange rate is expected to fall through the immediate support at 1.7377/55, which consists of the weekly PP and 200-hour SMA, and target the lower rising trend-line near 1.73, where it will also meet the weekly S1 level. Meanwhile, the sentiment toward EUR/SGD is strongly negative—merely 26% of open positions are long.
© Dukascopy Bank SA
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