EUR/SEK 4H Chart: Channel Up

EUR/SEK is assumed to move in the direction of the pattern's lower boundary, which is placed around 9.37 at the moment. However, at first bears have to violate the 100-period SMA at 9.46, which is shortly followed by the 100-period SMA and monthly pivot point at 9.41. Therefore, bearish scenario is not guaranteed even in the short-term, despite a negative opinion among SWFX traders, 74% of whom are holding short open positions on the Euro right now. Meanwhile, 4H and daily technical indicators are bullish, meaning that EUR/SEK is capable of making a reversal in the next 24 hours. In case this happens, the bulls will be initially aiming at the recent high around 9.53.