EUR/SEK 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 235-bar long rising wedge pattern has been formed by EUR/SEK starting from October 21. At the moment, the pattern represents a particular interest as the pair breached the pattern's support two hours ago and does not show any willingness to advance and prove that the breakout was false. If the pair is obstinate enough to prolong its slump for several hours, we may observe an on-going weakness of the single currency against Swedish Krone as a bearish breakout from rising wedge pattern usually entails an accelerating decline.
© Dukascopy Bank SA
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