EUR/SGD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the period between Apr 11 and Apr 21 EUR/USD was constantly trading next to the 200-hour SMA. But recently the currency pair has overcome the gravity of the long-term moving average and commenced a recovery. However, at the moment the rate is facing a number of tough obstacles that may not let the common currency to continue developing the bullish channel. The immediate resistance is at 1.74, represented by the weekly R2 level. The next hurdle is at 1.7423, which is the high seen on Apr 3 and may thus pose a threat to further advancement. Still, there are plenty of technical studies giving ‘buy' signals on the hourly and four-hour time-frames.
© Dukascopy Bank SA
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