EUR/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro has been trading gradually upwards since February 8; therefore, it created a bullish channel on one-hour time-frame. At the same time, it seems that the shared European currency has some issues in going beyond 1.5520 level, even though it is not reinforced by any of resistance levels and the closest one is located as far as at 1.5538 (daily R1). We expect that EUR/SGD will gain enough bullish momentum, provided by 100-hour SMA at 1.5458, to grow in the direction of pattern's resistance in the medium-term. Additionally, bullish outlook is currently supported by medium and long-term technical indicators. SWFX traders, in turn, are bearish in 57% of all cases.
© Dukascopy Bank SA
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