EUR/SGD 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Rising wedge pattern formed by EUR/SGD stated on September 15 when the pair jumped above its 50-and 200-hour SMAs that provoked a short-lived rally to almost a three-week high.
The currency pair neither was willing to overcome the up-trend resistance at 1.7050 nor was it able to cross the up-trend support at 1.6937 during two weeks. However, on October 4, the pair broke through the lower-boundary of the pattern that may have led to a massive sell-off but EUR/SGD unexpectedly returned back to above the lower-limit of the pattern and now is struggling to consolidate at this level thus raising uncertainty about future direction.
© Dukascopy Bank SA
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