EUR/SGD 1H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The descending triangle pattern formed by the EUR/SGD cross implies a downward breakout in the next few hours of trading. The apex of the pattern can be touched in the next 24 hours, but breakouts usually happen somewhat earlier. The pair has already tested the horizontal trend-line earlier today, and we think that further attempts will take place shortly. Nevertheless, substantial demand at 1.5114/13 may delay a decline of the Euro for some time as it is represented by the daily S1 and weekly S2. Eventually, the bears are targeting the weekly S3 at 1.5043, which is immediately followed by the Aug low around 18 pips lower. Meantime, bearish scenario is shared by 74% of SWFX market participants.
© Dukascopy Bank SA
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