EUR/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency is surging in the short term against the Singapore Dollar in a channel upward pattern. In the meantime, on a larger scale it can be seen that the currency exchange rate is breaking out of a descending triangle to the upside, as the triangle's resistance line has been passed. However, the break out seem to be stopped by the August high level at 1.5317. Although, the bounce off from the August heights is still consistent with the ascending channel pattern. SWFX traders are expecting a fall of the Euro against the Singapore Dollar, as 100% of pending orders are to sell the currency pair. However, aggregate technical indicators forecast a surge for the pair on all timeframes.
© Dukascopy Bank SA
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