EUR/SEK 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 75-bar long channel up pattern was formed by EUR/SEK on February 7, when the pair failed to move above 8.8694 and pulled back to a weekly S2 at 8.7476. At the moment of writing the pair was trading at 8.9350, practically at the same level with pattern's support. The pair can be highly volatile soon as it is bounded not only by the lower boundary, but also by a weekly pivot. Vast majority (58.77%) of traders are selling the single currency among other currencies, while more than 65% of them a holding short positions on the pair, meaning the expect a move to a recent low and daily S1 at 8.9151. In case it is breached, 8.8990 will be put on the map.
© Dukascopy Bank SA
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