EUR/SEK 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
With the help of the demand located at 8.80 EUR/SEK managed to commence a recovery earlier this year. Because of the upward impetus the currency pair formed a bullish channel. Accordingly, the price is expected to rebound from the lower boundary of the pattern at 9.00 and then set course towards the upper trend-line at 9.25. However, at the moment the Euro is facing a tough obstacle represented by the 200-period SMA and May 23 high, which is not letting the currency to develop a rally. Perhaps this resistance is one of the reasons why the sentiment towards EUR/SEK is strongly bearish—as many as 71% of open positions are presently short.
© Dukascopy Bank SA
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Wed, 28 May 2014 12:00:19 GMT

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