EUR/SGD 4H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A triangle pattern formed by EUR/SGD had originated several weeks before the pair hit a three-year high of 1.7673 in mid-March. After reaching this peak, the pair was mostly tilted downwards; however, recently, the instrument managed to perform a toilsome climb and broken out of the 366-bar long formation. Considering the proximity of the apex-it will be reached on May 12-the breakout may appear real. Technical indicators also are pointing to a possible rally. At the same time, the SWFX data contradicts to this idea, showing that more than two-thirds of traders bet on depreciation of the currency couple.
© Dukascopy Bank SA
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