EUR/SEK 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/SEK attained a three-year high of 9.1393 late April and since then the pair has been in the downtrend. The decline that is taking place inside a gradually converging downward-sloping channel sent the EUR/SEK to a one-month low of 8.9682 in mid –May.
Now the pair is sitting well-above the recent low; however, a further advancement is constrained by the 50-hour SMA at 8.9975. If the instrument manages to surpass this resistance, it may climb to the next hurdle at 9.0053/106 (daily R2, R3), a jump above which will push the pair to the pattern's upper-limit.
© Dukascopy Bank SA
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