EUR/SGD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/SGD is currently undergoing a downward correction within a bullish channel. However, the pair might not reach the lower boundary of the pattern before it rebounds. The Euro is now facing a tough support level at 1.59, created by the 200-period SMA and the rising trend-line that stretches back to the mid-July. Accordingly, there is a high chance of a rally in the nearest future. The gains are to be limited by 1.6150, where the upper trend-line of the channel merges with the September high and monthly R1. Additional support is at 1.58, followed by an important during August and September level at 1.57. As for the SWFX traders, most of them are long the Euro, namely 71% of the market.
© Dukascopy Bank SA
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