EUR/SGD 1D Chart: Broadening Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/SGD entered the broadening falling wedge pattern in the beginning of this year, while a decline of the pair started a month before in December. At the moment the Euro is hovering around the 55-day SMA at 1.4741. A violation of this important support would imply further losses for the single currency. The medium-term target remains at 8-year low of 1.4357, while intentions are for a continuous slump below monthly S3 (1.4091) towards the lower edge of the pattern. In the meantime, technical indicators on all time frames are pointing to the south, thus supporting the bearish scenario both for short and long run. On the contrary, majority of SWFX traders (71.66%) are in favour of the bullish case for the single European currency.

© Dukascopy Bank SA
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