EUR/SEK 4H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Another triangle was formed by EUR/SEK on February 12 when the pair refused moving above important psychological level of 9.00. When having a look at the historic performance, we see that the pair has been experiencing difficulties around the 200-period SMA, where it stuck right now. Therefore, a move above it will be a bullish signal, while a dip below the SMA and a dip back into pattern's boundaries will be a strong 'sell' signal. Vast majority of traders (67%) are holding short positions of the pair, however, technicals on a 4H chart are pointing at pair's appreciation. Nevertheless, the long-term outlook is bearish, when being based on technical indicators on a weekly chart.
© Dukascopy Bank SA
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