EUR/SEK 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The EUR/SEK currency pair is trading in the narrow bearish channel pattern on an hourly chart. The pattern, formed on August 11, is now trading around 9.1450 level, far away from any major resistance and support levels. Taking into account the strong bearish (71.5%) sentiment on the market, the pair is likely to depreciate in the nearest future, at least till the lower boundary of the channel at 9.1383, which is also represented by the Jul 1 low. At the same time, technical indicators on all time frames are sending mixed signals, meaning that the long-term outlook is unclear. Meanwhile, the Stochastic is giving only "buy" signals, underlying the fact that the EUR/SEK pair is most probably oversold.
© Dukascopy Bank SA
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