EUR/SGD 1H Chart: Channel Up

Price chart of EUR/SGD exhibits an inimitable stability. The up-trend that was commenced at a low of 1.6730 almost 500 trading hours ago still persists. Moreover, judging by the daily technical indicators, the currency pair is likely to preserve the bullish momentum and reach even higher levels.

However, the price will have to undergo a bearish correction before it resumes going along the major trajectory. At the moment EUR/SGD is facing a formidable support at 1.6960 (200-hour SMA and the daily S1), but may slid lower, down to 1.6903—the up-trend support line of the channel.