EUR/SGD 1H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since double bottoms are reversal patterns, the current rebound looks completely explainable    and justified. The red horizontal trend-line seems to have already been breached and now the rally is being contained by the 200-hour SMA at 1.5266. A spike above it will open the weekly R1 (1.5357) for the EUR/SGD currency pair. However, we should be careful, as the SWFX distribution between the bulls and bears (74-26%) assumes the cross remains quite overbought. Moreover, aggregate daily technical indicators are bearish, but the RSI is the only one to show a "buy" signal for the moment. Unless there is decline under the cluster of SMAs at 1.5180, our long-term outlook will remain modestly positive.
© Dukascopy Bank SA
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