EUR/SGD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The single currency has been appreciating against the Singapore Dollar since April, and so far the pair has rallied almost 1500 pips. In November, however, the pair pulled back and now with a fresh bullish impetus is refreshing earlier highs and climbing to the highest level since 2011. In a shorter-term the pair, however, is likely to pause, as 64% of traders are holding short positions. Technical indicators are still pointing at further appreciation of the pair. The next key levels for both short and long traders are located at pattern's support and resistance lines. Another fact that supports a movement to the south in a short-term, is the fact MACD and Stochastic are pointing market is overbought.
© Dukascopy Bank SA
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