EUR/SEK 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
At the beginning of August EUR/SEK was trading in a sideways trend; however, on 8th day of the month a downward sloping channel started to form. The pair recently (on 3th of July) reached the highest level in more than three years at 9.3908. Nonetheless, the Euro was not able to hold its positions that high and started to tumble lower. At the moment, the pair is trading around the Falling Wedge pattern's resistance line and a break-out is possible as the Falling Wedge pattern in most basic level is considered a bullish trend. Also, the 1H technical studies are mostly bullish; although, if the resistance line will hold then a decline towards 9.14 is likely.
© Dukascopy Bank SA
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