EUR/SGD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
This upward channel is a result of the currency pair bottoming out in April and starting a recovery from 1.4350. And while there are more reasons to be bullish than bearish, just as in EUR/NZD, a break-out to the downside appears to be somewhat more likely here, mainly because of the technical studies that are either mixed or bearish.
Nevertheless, the base case scenario is a rebound from 1.49 and a subsequent rally towards the upper trend-line with a re-test of the February peak. As for the sentiment in the market, here the traders are mostly optimistic with respect to the European currency, being that 70% of open positions are long.
© Dukascopy Bank SA
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