EUR/SGD 1H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having found strong support around 1.46 EUR/SGD was able to start a recovery. Considering that the currency pair also formed an ascending triangle, there is a significant chance the gains will be extended. Furthermore, the technical indicators are bullish, especially on the shorter time-frames. Accordingly, once the resistance level at 1.4980 is broken, the Euro will be expected to resume appreciation. Conversely, violation of the support area at 1.4910 will invalidate this scenario. In this case we will focus on the clusters of supports at 1.4874 and 1.4771. Meanwhile, the SWFX traders have a negative view with respect to the common currency. Right now 70% of open positions are short.
© Dukascopy Bank SA
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