EUR/SGD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Singapore Dollar has depreciated considerably against the Euro since yesterday, even though until Tuesday the EUR/SGD pair has been moving mostly sideways. As a result, the bullish channel emerged in the one-hour chart, and the near term outlook is now bullish. The positive scenario is also shared by technical indicators on all time frames, as they see the cross higher in the next 24 hours. Additionally, 73% of SWFX traders are bullish towards the single currency. Considering that the pair has already pierced through all weekly resistances, it is quite likely EUR/SGD will continue moving upwards in the next few days, while the Jan high at 1.6045 acts as a key target for the time being.

© Dukascopy Bank SA
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