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USD/SGD continues surge higher, eyes set on 1.2600

FXstreet.com (Barcelona) - The USD/SGD is edging higher during Asia trade, up another twelve pips at 1.2575 and consolidating just below last Friday’s high (1.2592).

The pair is now up just over 300 pips in the past seven sessions, and trading at its highest level since late July 2012. Economic releases in the coming session will be light with no major reports on the schedule. Both short term moving averages and the RSI (14) remain in bullish technical set up on the daily chart, which should help to keep pullbacks shallow in the coming session.

The FXStreet.com Trend Index remains slightly bullish on the daily chart, while the OB/OS Index reads overbought. Initial resistance sits at 1.2600 (weekly resistance from March 2012), followed 1.2640 (also resistance on weekly chart). First support sits at 1.2560 (support on 1 hour chart), followed by 1.2532 (the 50 dma on 1 hour chart).

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The EUR/USD bearish outlook strengthened last Friday, after sellers managed to penetrate and close below 1.2840/50 support. Presently in the Asian session, a half-hearted attempt to retest the broken-support-turned-resistance saw offers return, taking the rate to levels around 1.2820/25. The Euro seems to be heading towards 2013 lows at 1.2744.
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