EUR/SGD 4H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The single currency has already lost more than 850 pips since the beginning of May, when the current falling wedge pattern was initiated. At the moment the EUR/SGD currency pair is hovering around the 1.6569 level, namely between the weekly S1 and S2 levels. As the current trend of the pair seems to be negative, we expect the pair to decline further in the direction of the lower boundary of the present pattern. Moreover, we expect the Euro to trade in the boundaries of the wedge until the eventual break-out, taking into account the high quality (83%) of the pattern. Market sentiment, in turn, is strongly against the pair's drop, being that 73% of all opened positions are long.
© Dukascopy Bank SA
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