EUR/SEK 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the last time we looked at EUR/SEK, the Euro has made some progress and decoupled from the lower boundary of the channel. The currency has also breached the 200-period SMA, thereby reinforcing the bullish outlook. Accordingly, the pair is now targeting the upper rising trend-line at 9.23. However, there are some obstacles that have the potential to halt this rally. The most significant among these resistances is a combination of the weekly R2 and Apr 21 high, they create a  strong supply area at 9.1393/9.1224. Meanwhile, most of the SWFX market participants are against continuation of the current bullish trend—74% of open positions are short.
© Dukascopy Bank SA
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