EUR/SGD 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
Following an apparent double top formation, EUR/SGD posted a gap, but still managed to accomplish what it had intended, namely – a reversal of the previously prevailing bear market. The cross is currently moving towards areas tackled in 2016, but has sketched a rising wedge on the hourly chart which now suggests that some downside risks are to take over at least in the short term. The pair is approaching the bottom trend-line around 1.5211 and a break below the area would lead to 1.5199 for a retracement which would initiate a stronger movement south.
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