EUR/SEK 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a rise to a three-year high of 9.1393, the Euro started to lose ground against the Swedish Krona. The pair has been in the down-trend since late April and early May it entered a channel down pattern.
At the moment, the currency couple is attempting to overcome the 50-hour SMA at 8.9915 that prevents the pair from increasing the distance from a one-month low it hit a few days earlier. For the last six hours, the short-term SMA has been impenetrable; however, given a strong bullish bias among the SWFX traders, we may expect EUR/SEK to surpass this formidable resistance in the hours to come.
© Dukascopy Bank SA
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