EUR/SGD 4H Chart: Channel Up

EUR/SGD confirmed its bullish intentions on Nov 22, when it breached the 200-period SMA to the upside. Soon afterwards the channel up (already more than 100 bars long) was initiated.

Considering that a majority of the technical indicators on the most relevant time-frames are giving ‘buy' signals and the spot price is right at the lower rising trend-line, which creates formidable support at 1.7324, the short and long-term bias towards the currency pair is strongly bullish. The distribution between the long and short positions, however, reveals that most of the traders (72%) are expecting underperformance of the single European currency relative to the Singapore Dollar.