EUR/SGD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
We hold a bullish bias towards EUR/SGD. While the gains are likely to be limited by the rising resistance trend-line at 1.6025, the Euro is expected to rebound from a strong demand area circa 1.5750, which is created by the monthly PP, 200-period SMA and the lower boundary of the pattern. If 1.6025 does not trigger a bearish correction and the Euro continues to appreciate, the August high and monthly R1 at 1.6550 should become the next target. Alternatively, if the green trend-line fails to underpin the price, there will be a high chance of a decline down to the monthly S1 at 1.5060. Meanwhile, the sentiment is strongly bullish, being that 71% of open positions are currently long,
© Dukascopy Bank SA
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