EUR/SGD 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/SGD topped out near 1.77 in March, and since then have been in a distinct down-trend. However, there are signs that the bulls are soon going to regain control of the market, being that the currency pair seems to have formed a falling wedge pattern that in turn implies a reversal. But this will be confirmed only in case the down-trend resistance (currently at 1.6640) is broken to the upside. Then we will be looking at the Aug 8 high as the next likely destination. In the meantime, whether there is a reversal or not, the short run should be bullish—the Euro is now in a good position to move 200 pips North from a cluster of supports at 1.6425.
© Dukascopy Bank SA
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