© Dukascopy Bank SA
Somewhat similar to what is happening in NZD/CAD, this currency pair is moving north after overcoming a long-term moving average (200 periods). However, the technical indicators here are more in favour of the rally by giving ‘buy' signals on hourly and four-hour time-frames, even though on the daily chart they are still mixed.
At the moment the price is headed towards the resistance at 1.7066, being that it has just bounced off the lower boundary of the pattern at 1.6945, the one that is strengthened by the daily pivot point level. From there EUR/SGD is likely pull back.
© Dukascopy Bank SA