EUR/SGD 1H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A drop to a four-month low in the beginning of November eased selling pressure that helped EUR/SGD to recover slightly and commence a formation of an ascending triangle pattern. At the moment of writing, the currency couple was trading near the apex of the triangle and was trying to breach the lower limit of the pattern, signalling that we are likely to see a breakout before long. If the pair sticks to the current direction, the breakout is likely to be bearish and may result in an on-going weakness of the pair. However, EUR/SGD may reverse its trend by bouncing off its 50-hour SMA thus putting the bearish breakout under question.
© Dukascopy Bank SA
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