EUR/SGD 1H Chart: Channel Up

Although its measures of quality and magnitude are fairly high right now, the presented channel up pattern has not yet been fully formed—its upper boundary needs at least one more confirmation. This requires the currency pair to rise up to 1.78 in the nearest future.

And even though the hourly and daily studies favour a bullish outlook, EUR/SGD may fail to ascend beyond 1.77. Apart from the weekly R1 and daily R3 standing at that level, there is a possibility that the market is going to respect the upper trend-line of the broadening ascending wedge the pair has been forming since mid-February. Still, the sentiment of the market is heavily bullish at the moment—69% of open positions are long.