EUR/SEK 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Our bias with respect to the Euro is negative. The currency has been in a down-trend since last year's August, and for the time being there seem to be no reasons to change the outlook. In addition, EUR/SEK has formed a high-quality bearish channel, and a majority of the technical indicators on all three relevant time-frames is pointing south. Accordingly, over the next few weeks the price should descend from 9.19 to the 2015 maximum at 9.06. In the meantime, a close above 9.19 will not imply a prolonged rally because of a number of strong resistances lying overhead, such as the December 30 high at 9.2070 and a combination of the weekly R1 and monthly PP at 9.2277/52.
© Dukascopy Bank SA
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