The common European currency is trading against the Singapore Dollar in the medium term ascending channel. Formation of the pattern began after the currency rate break through the upper trend line of the preceding descending channel. The last two trading weeks point out on contraction of the pair's fluctuations, which increase probability of formation of the rising wedge. If this scenario comes true, a break out in the downward direction is likely to follow. This possibility is additionally supported by the fact that right below the upper trend line there is another resistance level, i.e. the weekly R1 at 1.5619. In contrast, in the descending direction the pair has no support levels until the weekly PP at 1.5469.
| Level | Rationale | Indicator | 4H | 1D | 1W | |||
| R4 | 1.5640 | Trend line | MACD (12; 26; 9) | Sell | Sell | Sell | ||
| R3 | 1.5614/19 | Upper Bollinger Band; Weekly R1 | RSI (14) | Neutral | Sell | Neutral | ||
| R2 | 1.5576 | Monthly R2 | Stochastic (5; 3; 3) | Buy | Sell | Sell | ||
| R1 | 1.5559 | 20-period SMA | ADX (14) | Neutral | Buy | Neutral | ||
| S1 | 1.5503 | Bottom Bollinger Band | CCI (14) | Neutral | Neutral | Sell | ||
| S2 | 1.5482 | 55-period SMA | AROON (14) | Buy | Buy | Buy | ||
| S3 | 1.5469 | Weekly PP | Alligator (13; 8; 5) | Neutral | Buy | Buy | ||
| S4 | 1.5426 | Trend line | SAR (0.02; 0.2) | Sell | Buy | Buy | ||
| Aggregate | → | → | → |