EUR/SGD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After reaching the lower trend-line, the currency pair spent some time on this line and gained enough bullish momentum to commence a recovery. At the moment the single currency has already crossed the daily pivot point and is hovering further to the north. Concerning the narrow range between two boundaries of the pattern, the pair is likely to reach the upper one relatively easy. This scenario is suggested by short and medium-term technical indicators, which give strong bullish signals. They are supported by the vast majority of market participants, more than 62% of whom are holding long positions on the Euro. Meanwhile, daily studies are mixed for the time being. 
© Dukascopy Bank SA
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