EUR/SGD 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro formed an ascending wedge pattern against the Singapore Dollar after the next day after the Brexit referendum. The currency exchange rate has been struggling with the patterns lower trend line for the past two days, as it is pressured from the upper side by a moving cluster of simple moving averages. However, the trend line is also supported by the weekly S1 at 1.4909. In addition, 72% of SWFX open positions are short, which indicates at the pair being oversold and a possible upward movement, as the positions balance out. In the meantime, daily aggregate technical indicators forecast no change for the pair today.
© Dukascopy Bank SA
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