EUR/SEK 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having surpassed its 50-and 200-hour SMAs, EUR/SEK started to form a Channel Up pattern, fluctuating within which the pair managed to hit a one-month high of 8.7572. The pair was flat for the last 12 hours, faltering at its four-hour pivot point at 8.7310. However, there are signs that a climb is highly possible in the nearest future. Market players bet on the Euro appreciation against the Swedish Krona in 100% of cases, while the shape of the pattern also suggests that the pair is likely to continue its bullish trend. The confirmation of this will be a jump above a bunch of four-hour resistances sitting at 8.7346/419 that may bring more than one-month high into the picture.
© Dukascopy Bank SA
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Wed, 09 Oct 2013 06:41:23 GMT

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