EUR/SGD 1D Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A year ago the currency pair breached the 200-day SMA to the upside and commenced a recovery that still remains intact. However, during this time the pace of Euro's appreciation has notably slowed down, leading to formation of a rising wedge, a pattern that implies an increased possibility of a reversal.
Still, before EUR/SGD attempts to test the lower boundary of the figure—the key support, it has to cover more than six figures. But, given that the price is trading near the tough supply area, formed by the weekly PP and the rising resistance line, there is a good chance of a strong sell-off, despite the daily and monthly indicators largely giving ‘buy' signals.

© Dukascopy Bank SA
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