EUR/SGD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The single European currency has been gaining versus the Singapore Dollar for more than a month started February 6. The currency pair formed a 154-bar long channel up pattern on the four-hour chart and now EUR/SGD is vacillating slightly below a three-year high of 1.7676 reached on March 12. More precisely, the pair is sitting at its 50-bar SMA at 1.7598 that may become a helping hand aiding the pair to curb losses. In the hours to come, EUR/SGD may try to bounce off the short-term SMA and target a bunch of resistances at 1.7618/46 (four-hour R1, R2, R3; daily R1) that if overcome will push a three-year high back to the fore.
© Dukascopy Bank SA
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