EUR/SGD 1D Chart: Channel Up
- The common European currency is gradually advancing against the Singapore Dollar in a long-term ascending channel .
- The pattern started to form after the currency exchange rate made a rebound and ended to move a six month long horizontal movement.
- One of the features of this channel is that, initially, it gained two reaction highs in a row and, afterwards, two reaction lows in a row, which suggests that the same situation might happen in future.
- Last week the currency rate made a third rebound from the upper edge of the channel but failed to fall below the updated weekly PP at 1.6035.
- Therefore, there is chance that the pair will surge one more time towards the weekly and monthly R1 near 1.6117 before making an ultimate slip to the southern direction.