EUR/SEK 4H Chart: Channel Up

In mid-February EUR/SEK revived its recovery and subsequently formed a bullish channel. Just recently the currency pair has confirmed the lower boundary of the channel and it is now headed towards the upper one at 9.25. However, at the moment the Euro is facing some difficulties in the face of the Apr 21 high standing next to the weekly R1 at 9.1585. But, unless the support at 9.0448, implied by the weekly S1 and 200-period SMA, does not stand its ground, the outlook should still remain positive. On the other hand, SWFX market participants doubt the common currency's ability to appreciate relative to the Swedish Krona—74% of them are holding short positions.