EUR/SGD 1D Chart: Channel Up

The common European currency is gradually advancing against the Singapore Dollar in a long-term ascending channel. The pattern started to form after the currency exchange rate made a rebound and ended to move a six month long horizontal movement. One of the features of this channel is that, initially, it gained two reaction highs in a row and, afterwards, two reaction lows in a row, which suggests that the same situation might happen in future. Last week the currency rate made a third rebound from the upper edge of the channel but failed to fall below the updated weekly PP at 1.6035. Therefore, there is chance that the pair will surge one more time towards the weekly and monthly R1 near 1.6117 before making an ultimate slip to the southern direction.