EUR/SGD 4H Chart: Broadening Descending Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency is in a broadening descending wedge pattern against the Singapore Dollar. Both pattern's trend lines have been confirmed twice up to now. At the moment, the currency exchange rate is located at 1.4950, which is just below the pattern's resistance line at 1.4970, and the pattern's upper trend line is supported by the weekly R1 at 1.4983. In the meantime, daily aggregate technical indicators forecast a downward movement for the rate later in the day. However, the pair faces a strong support cluster from the downside, as the 55 and 100-period SMAs are located respectively at 1.4937 and 1.4945 and the weekly PP is located at 1.4932. In addition, SWFX market sentiment indicates that the pair might be oversold, as 72% of open positions are short.
© Dukascopy Bank SA
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