EUR/SGD 1H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since Jul 10 the Euro has been generally gaining in value relative to the Singapore Dollar. However, the currency pair has recently failed to advance beyond 1.6996. As a result, EUR/SGD pulled back to the support at 1.6792 that held until now, meaning the price has formed a descending triangle on an hourly chart.
The pattern is currently under threat of being breached, being that the apex of the triangle is only a few hours away. According to the technical indicators, the risks in the nearest future are skewed towards a dip, while longer-term perspectives are strongly bullish.

© Dukascopy Bank SA
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