EUR/SEK 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Right now EUR/SEK is prone to a decline, as the pair has just confirmed the upper resistance trend-line. Weakness should be only temporary however, and before the rate dips beneath 9.35, the bulls are expected to regain control of the pair. At the same time the positive outlook on the Euro is implied by the technical studies and by the fact that recently EUR/SEK has managed to gain a foothold above 9.42, a level that played an important role in April and May. Because of this we estimate that the upward momentum will hold out until the test of the February high at 9.69. But the SWFX market is sceptical with respect to the Euro's ability to outperform the Krona: 73% of open positions are now short.
© Dukascopy Bank SA
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