EUR/SGD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Soon after a precipitous (80-pip) decline that took place on Nov 20, the currency pair found a formidable support level at 1.6720, an event which allowed EUR/SGD to begin a recovery that later on developed into a full-blown channel up pattern.
According to this formation, the price is just a few pips away from the resistance created by the up-trend line and the daily R2. Consequently, there is a high chance that the Euro will soon commence a bearish correction, which in turn is expected to be stopped around 1.6859, the current location of the lower boundary of the upward-sloping channel.
© Dukascopy Bank SA

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
Chcete-li se dozvědět více o platformě Dukascopy Bank CFD / Forex, SWFX a dalších souvisejících obchodních informacích, prosím, zavolejte nám, nebo vám můžeme zavolat my.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.