EUR/SEK 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Most recently the EUR/SEK currency exchange rate traded in a descending channel on a medium scale. However, that has ended, as the pair reached a larger scale pattern's lower trend line and rebounded. As a result an ascending channel has formed and revealed its borders. It is likely that the pair will surge in accordance with the newly formed pattern up to the large scale channel's resistance line. However, it will be hindered by the 200-period SMA, which is moving below the channel's upper trend line. Meanwhile, the SWFX market trader sentiment reveals, that traders are neutral on the pair, which means that there is room for movement to either of the possible two sides.
© Dukascopy Bank SA

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