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The channel up pattern was also created by the EUR/SGD currency pair; however, this pair's trading range between trend-lines and overall length of the pattern is smaller. In the morning of October 9 the Euro commenced a recovery from the lower boundary and managed to gain some value.
At the same time, short-term technicals assume the Euro will stay at present levels for some time, before any significant upside movement some time later, as predicted by strongly bullish mid-term studies. Market participants, however, do not believe in pair's ability to gain value, as only 27% of them hold long positions on the single European currency.
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