EUR/SGD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/SGD entered a down-trend after a failure to surpass the resistance at 1.77 in March. The pattern is already 500 bars long and is likely to remain intact in the future. Since the mid-June the currency pair has been forming a rising wedge within the bearish channel and has already reached its apex, meaning there should soon be a reversal of the latest bullish correction. Moreover, the Euro is trading just below a tough resistance level at 1.7082, represented by the Jun 30 high and down-trend resistance, and most of the technical indicators on the four-hour and weekly charts are presently pointing south, meaning that 1.6744 is likely to be the next target of EUR/SGD.
© Dukascopy Bank SA

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