EUR/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/SGD is set for a rally. The currency has recently broken through the seven-week falling resistance line and has managed to form a high-quality a bullish channel, meaning the Euro is to keep outperforming the Singapore Dollar. The exchange rate is expected to bounce off of support at 1.53 and challenge the upper boundary of the pattern before the week's end. In the longer-term perspective, EUR/SGD is to aim for 1.5430, namely the March 16 low. In the meantime, in case the weekly pivot point, 200-hour SMA and the lower bound of the channel fail to initiate a rally, the decline will likely extend down to 1.5260, where the March 24 low coincides with the weekly S1 and the recently broken down-trend.
© Dukascopy Bank SA
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