EUR/SEK 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/SEK formed the channel soon after a test of 9.16—a major demand area that was established a year ago and repeatedly confirmed thereafter. Right now, the currency pair is completing a bearish correction within the pattern, and thus it should soon rebound. The price is expected to bounce off of 9.3220 and rally through the May 16 high at 9.3580 towards the upper boundary of the channel at 9.3743. Alternatively, should the exchange rate slip under 9.3220, the focus will shift to 9.3144/20—another strong support area, where the weekly pivot point is joined by the May 16 low. More buying in case of a decline is likely to be observed at 9.3057, namely near the 200-hour SMA.
© Dukascopy Bank SA
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