EUR/SGD 4H Chart: Broadening Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Being unable to surpass the 1.71 mark, EUR/SGD was forced to enter a downward trend. There are certainly more bearish signals then bullish at the moment, even though the currency pair currently is moving closer to the down-trend's resistance line. One of the key drivers are the technical indicators, as daily and weekly ones still remain to the downside. Moreover, the traders' sentiment is strongly bearish, with 70.08% of the SWFX market participants expecting the Euro to lose value against the Singapore's currency. However, currently the pair seems well-supported by the weekly PP and daily S1 at 1.6332/26, thus in the short term we might see a climb towards the 1.64 level.
© Dukascopy Bank SA
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