EUR/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The single European currency stopped depreciating  near 1.6870 and subsequently commenced to negate the losses. This has led to formation of the bullish channel, which at the moment implies EUR/SGD making a small step south, to 1.6962, before the currency pair starts another pronounced bullish wave. However, it will have to breach a seemingly tough resistance level at 1.70—Jun 17 high and daily R1 in order to reach the upper edge of the pattern at 1.7021, where the line merges with the daily R2.
Meanwhile, the sentiment of the SWFX market is distinctly bearish with respect to EUR/SGD—70% of open positions are short.
© Dukascopy Bank SA
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