EUR/SGD 1H Chart: Broadening Rising Wedge

Recovery of the single European currency versus the Singapore Dollar was halted by the pattern's upper edge around 1.6240, which led to emergence of another down-leg. The pair is testing the 200-hour SMA at the moment, a violation of which would expose the daily S1 at 1.5960, followed by the pattern's lower boundary just above 1.59. Supported by the weekly S1 and daily S2, this level is unlikely to let bears succeed further. The prospects of a rebound are underpinned by the bullish four-hour technical indicators, which are giving moderately positive signals for the Euro. In addition to that, three in four SWFX market traders are holding long open positions.