| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Sell | Sell | Sell |
| RSI(14) | Neutral | Neutral | Neutral |
| Stochastic(5;3;3) | Sell | Neutral | Buy |
| Alligator(13;8;5) | Neutral | Sell | Sell |
| SAR(0.02;0.2) | Buy | Sell | Sell |
| Aggregate | ⇒ | ⇘ | ⇘ |
The Euro has been depreciating against the Singapore Dollar within the falling wedge pattern since the beginning of August. Currently, the pair is testing the upper pattern line at 1.5250.
Given that the EUR/SGD currency pair is supported by the 55– and 100-hour SMAs, currently located circa 1.5200, it is likely that a breakout from the pattern could occur in the nearest future. The pair could target the resistance cluster formed by the monthly PP and the Fibo 23.60% in the 1.5338/1.5383 range.
If the given pattern holds, it is likely that some downside potential could prevail in the market in the nearest future. Note that the exchange rate could gain support from the monthly S1 at 1.5082.