EUR/SGD 4H Chart: Channel Up

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Source: Duakscopy Bank SA
© Dukascopy Bank SA
Euro– Singapore Dollar cross has been showing similar performance to what we've seen in GBP/AUD, as after a long period of appreciation the pair is approaching December 2011 high. A recent choppy session indicates that bulls are struggling to push the pair higher. Nevertheless, tools of technical analysis are pointing at further appreciation of the pair, as 70% of all currently opened positions are long, while the majority of technical indicators are sending "buy" signals. In addition to that, a slight improvement in the Eurozone may lead to a stronger demand for share currency, action that would lead to a continuation of the uptrend.
© Dukascopy Bank SA
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