EUR/SGD 1H Chart: Channel Up

The past two days EUR/USD has been trading in a narrow range, being contained by two rising trend-lines that are 50 pips away from each other. The upper border of this pattern implies strong resistance at 1.7210, especially considering that it is reinforced by the August high. In the meantime, the lower boundary should not let the price fall beneath 1.7158, the level of the daily pivot point as well.

However, while the hourly and daily studies suggest continuation of the recently started up-trend, SWFX market participants are not convinced that the Euro will appreciate—64% of them are currently holding short positions on EUR/SGD.