EUR/SEK 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The single currency has just bounced from the upper-boundary of bearish channel and is now depreciating against the Swedish Krona. Concerning high quality and magnitude levels, we can expect the further negative movement to be successful, possibly down to pattern's support at 8.9993, which is reinforced by the major level from above. Technical studies support such course of events to take place in the foreseeable future, as they point to the downside. The majority of four-hour indicators are also sending "sell" signals at the moment. Moreover, SWFX traders are holding short positions in more than 71% of all cases, meaning the bearish scenario for the pair is almost inevitable.
© Dukascopy Bank SA
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