EUR/SEK 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Provided that EUR/SEK keeps trading within the boundaries of the channel, the latest rebound from 9.2050 should be capped by the bearish trend-line at 9.3314. There the currency pair should set the course towards 9.1230, namely the lowest level since December 2015, followed by the 2015 low and monthly S2 at 9.06/9.05. Alternatively, should the bulls retain control of the market and push the price through the upper boundary of the channel, the outlook will nevertheless stay negative. The reason is a cluster of resistances between 9.40 and 9.3670 kronor, created by the March 10 high, monthly PP and 200-period SMA. The market sentiment is also in favour of a sell-off, being that the Euro is overbought—70% of open positions are long.
© Dukascopy Bank SA
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