EUR/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
While moving from the lower to the upper border of the falling wedge that is emerging on the daily chart EUR/SGD has managed to form a bullish channel. Still, the short-term risks are heavily skewed to the downside, since the pair has just confirmed a dense supply area, created by the up-trend, 200-hour SMA, and weekly PP. The Euro is expected to stabilise only near 1.44, from where the advance should resume. The channel is likely to be breached on the downside after the price reaches 1.47, but considering the falling wedge on a higher time-frame, this major trend-line should eventually be violated, which will imply long-term appreciation of the common currency.
© Dukascopy Bank SA
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