EUR/SEK 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Even though the trend-lines drawn may not be equally important, there is a good chance the currency pair is forming a bullish channel. EUR/SEK is expected to rebound from the 9.37 and rise up to the upper edge of the pattern. However, we should note that there is a plethora of resistances overhead. The levels that pose the most threat are some of the recent highs, such as the Jul 3 maximum at 9.4036, followed by the Jun peak at 9.4264 and the May high at 9.44. In case demand at 9.37 fails to trigger a recovery, the Jul 7 low together with the 200-hour SMA will become the new target. Meanwhile, the SWFX sentiment is strongly bearish: 74% of open positions are currently short.
© Dukascopy Bank SA
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