EUR/SGD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After touching a low of 1.6561 on November 7, EUR/SGD began its rally, and 313 hours later is trading at 1.6959. The upward movement was steep and rapid, however, aggregate indicators on a hourly chart are still suggesting further appreciation. As an alternative scenario, we can see a pullback to 1.6890, as both market sentiment and pending orders, are strongly bearish. The outlook is unclear, however, 1.6970 looks like a pivotal point for the pair, and in case bulls will be able to push the price above it, a move to pattern's resistance could be expected, while in case of a pullback, we can see period of consolidation before further rally.
© Dukascopy Bank SA
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