EUR/SGD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/SGD has been vacillating in the corridor of two upward-sloping lines since September 5. At the moment, the currency pair seems to have consolidated above its four-hour pivot point at 1.6870 and may prolong its rally to the resistance region at 1.6889/96 (four-hour R1; daily R1) that may mollify the buying pressure that has been pushing the pair higher since its 50-hour SMA surpassed the 200-hour SMA two bars ago. If the pair overcomes the above-stated resistance zone, it may head to the next bunch of resistances at 1.6910/81 that act as the last defense against a bullish breakout from the pattern.
© Dukascopy Bank SA
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