EUR/SEK 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency is trading in a large scale descending channel pattern against the Swedish Krona. Most recently the rate had been slowly depreciating, while being close to the channel's lower trend line. These fluctuations were possible due to the existence of a medium term down trend line. However, most recently the rate met with the 61.80% Fibonacci retracement level at 9.4803, which is measured by connecting the 2016 high and low levels. As a result a descending triangle has formed from the retracement level and the down trend line in the middle of the large scale channel. Due to that it is most likely that the rate will move higher and break out of the triangle to the upside.
© Dukascopy Bank SA
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