EUR/SEK 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After bottoming out at 8.6196 the currency pair reversed the direction and took a course north towards the 200-hour SMA that was successfully breached. This long-term moving average has served since then as the reliable support, preventing the continuously occurring dips from extending—they usually followed the attempts of EUR/SEK to jump over the bullish resistance trend-line, currently to be found at 8.7311. There is also an accelerated rising trend-line that connects the latest troughs; however, given the nature of the pattern, we may expect the price to fall down to the mentioned 200-hour SMA at 8.6841 before the Euro will be able to recommence a recovery.
© Dukascopy Bank SA
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