EUR/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/SGD appears to be in a good position to rebound. The currency pair is approaching the lower boundary of the channel it has recently formed, which is also reinforced by the weekly PP. At the same time, most of the four-hour and daily technical indicators are pointing upwards. Moreover, the Euro is oversold in the SWFX market, where 71% of open positions are short. Accordingly, we expect the price to bottom out near 1.5440 and surpass the Dec 11 high at 1.56.
Meanwhile, a close beneath 1.5440 will imply a sell-off down to the December low at 1.5319. Additional support is at 1.5278/65, created by the weekly S1 and 200-hour SMA.
© Dukascopy Bank SA
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