EUR/SEK 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
In the second part of September EUR/SEK hit a rock bottom at 8.5493, where the currency pair commenced a robust recovery. While the rally was developing, the price respected trend-lines that later on formed a bullish channel, the lower boundary of which EUR/SEK is currently testing.
While the past price action suggests the support at 8.7751 should initiate an up-leg, also considering the presence of the 200-period SMA, the near-term technical indicators are mostly giving ‘sell' signals. Still, a majority of SWFX marketplace participants are long on the common currency against the Sweden Krona.
© Dukascopy Bank SA
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