EUR/SGD 4H Chart: Broadening Rising Wedge

Underpinned by the 200-period SMA at 1.55, the Euro is likely to form an uptrend for the next few days of next trading week. The pair is set to breach both 55/100-period SMAs quite soon, followed by daily and weekly R1 resistance lines at 1.5703/26. Success here will refocus traders' attention to the pattern's upper edge slightly above 1.60, which itself is a very important psychological level. On the other hand, bearish risks seem to be substantial for the time being. Short and medium-term technical indicators are pointing to the downside, and the Euro remains overbought (67% long). Thus, any failure at either 1.56 or 1.5726 could trigger a sell-off and a trend-line at 1.5427 will be put at risk of violation.