EUR/SEK 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/SEK is fluctuating under 9.19 on Monday, the lowest level since Thursday of the previous week. The common currency was unexpectedly derailed by the 100-hour SMA, which was shortly touched by the pair earlier today. Despite quite bullish (54%) SWFX market sentiment, the one-hour technical indicators are pointing to the south. A retreat below 9.18 should lead to a sell-off down to the pattern's lower boundary at 9.1662. If the bears fail to contain a decline here, then we will expect the weekly S1 (9.1514) to be tested later this week. In the meantime, the bulls are watching 9.24 (weekly PP), which can be reached in case of a jump above 100-hour SMA any time soon.
© Dukascopy Bank SA
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