EUR/SGD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Judging by the situation in the weekly time frame, EUR/SGD is currently trading in a symmetrical triangle. A test of the lower boundary of this pattern has recently triggered a recovery, which in turn appears to be developing within an ascending channel. Considering that at the moment the pair is trading right at the upper boundary of this corridor, the bias is to the downside—the price is expected to bounce off of 1.5450 and break some of the nearby supports, until it reaches the lower trend-line at 1.5340. In the meantime, the medium-term scenario is bullish, and during the next few weeks the Euro is likely to reach a major two-year falling resistance line near the May 22 high at 1.5520.
© Dukascopy Bank SA
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