EUR/SGD 4H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/SGD appears to be forming a double top, as the currency pair failed to break resistance at 1.5640 on two recent occasions. However, there are plenty of arguments against a decline, the main being the fact that the price has just broken out of the triangle it had formed in the daily chart to the upside. This implies a yet another strong support area near 1.5460 right beneath the neck-line represented by the May 5 low. At the same time, most of the four-hour and daily technical indicators are giving ‘buy' signals, further decreasing the chance of the Euro losing ground. Accordingly, while there could be a sell-off this week, the rate is likely to bottom out circa 1.5460/50 and then rebound.
© Dukascopy Bank SA
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