EUR/SGD 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A jump above a three-year high was the last bullish move EUR/SGD performed within the limits of the 330-bar long rising wedge pattern as after that the pair fell sharply and broke through the pattern's support. Although the pair attempted to come back to the pattern's area several hours later, it failed to succeed thus solidifying the view that the breakout has occurred. Now the pair is caught by its short-and long-term SMA that bounded the pair in a 30-pips wide range thus blocking both upside and downside moves of the pair.
© Dukascopy Bank SA
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