EUR/SEK 4H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/SEK currency pair has been trading inside the symmetrical triangle since the end of July and now it has reached the triangle's apex. It seems that we might see a upward break-out towards the major level at 0.93. This scenario is supported by the majority of the weekly technical indicators that are largely bullish. However, if the resistance lines (monthly PP and weekly R1) at 0.92555/59 remains intact then that could drag the pair lower. For matter of fact, this scenario is rather likely to happen as the pair's sentiment is strongly bearish, with 71.07% of the market participants expecting the Euro to underperform relative to the Swedish currency.
© Dukascopy Bank SA
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