EUR/SEK 4H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
As EUR/SEK bottomed out at 8.75 early this year, it managed to commence a robust recovery. However, the Euro encountered a tough resistance level near 9.14, which for now is keeping the bulls at bay. As a result, there is an ascending triangle emerging, and this implies an eventual break-out to the upside.
Still, the currency pair needs to confirm the rising support line (reinforced by 200-period SMA) at 9.0415 first. Otherwise, the price will be expected to fall at least until 8.9964, and the outlook will then likely change from bullish to bearish. As for the sentiment of the SWFX market—as many as 63% of open positions are currently long.
© Dukascopy Bank SA
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