EUR/SGD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Two days ago, the EUR/SGD currency pair neared the lower boundary of the channel down pattern that has been emerging on an hourly chart since March 26. Even though this level was not strengthened by any important technical line, the single currency managed to rebound and is currently heading upwards. Judging from 1H technical studies, the pair may show some weakness in the short-term, as strong resistance is created by weekly PP at 1.4614. Despite that, 4H indicators suggest the pair has a good chance to advance in the foreseeable future. Moreover, bullish outlook for the medium-term is supported by 73% of SWFX market participants.
© Dukascopy Bank SA
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