EUR/SGD 4H Chart: Triple Bottom

A rare triple bottom pattern has been emerging in the four-hour chart for the EUR/SGD currency pair. The cross is still trading both below the upper trend-line and above any of the valleys. We may observe a bounce back from the pattern's horizontal resistance soon, which is placed just above the 1.60 mark. In this case the pair will start building a rectangle pattern. However, weekly technical indicators and market sentiment are strongly bullish with respect to the Euro at the moment. Moreover, EUR/SGD will have to meet a tough support below the 1.59 level including some moving averages and monthly PP. Therefore, the bullish scenario is not off the table in the mid-term.