EUR/SGD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The bullish pattern is rather a part of an upward correction following the Dec-Apr sell-off, but we can still expect an up-leg to 1.5550, namely to the Feb high. During the next several days or perhaps even weeks EUR/SGD is likely to decline to the lower edge of the pattern, but around 1.49 the Euro should bottom out and then rebound. For this to happen we first need a close below a dense demand area at 1.51, formed by the monthly R1 and some of the recent lows.
In the meantime, the technical indicators are either neutral or mixed, but most of the SWFX traders expect to profit from Euro's appreciation. Right now as many as 70% of open positions are long.
© Dukascopy Bank SA
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