EUR/SGD 4H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The single European currency has been in a decline phase since the middle of December. Since, the pair covered more than 400 candles on a 4H chart and lost around 1600 pips. Taking into consideration the most recent development, the pair has touched two the upper trend-line during past two weeks. This development energized pair's bears and the Euro resumed falling. At the moment, it is testing the monthly S3 at 1.4550. In case of successful breach of this mark, EUR/SGD will head in the direction of the pattern's support at 1.4414. This long-term scenario is broadly shared by weekly technical indicators and SWFX market participants. Right now, more than 58% of all opened positions are short.
© Dukascopy Bank SA
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