EUR/SEK 4H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/SEK has been gradually advancing since the very beginning of September when the formation of the ascending triangle pattern started. On November 7, the ECB decision to cut rates pushed the pair below the lower limit of the pattern that may have been considered as a bearish breakout, especially given the proximity of the apex. However, the actual pair's trend gainsaid these ideas, with EUR/SEK coming back to the pattern's boundaries two bars later.
Meantime, the pair is approaching the apex, suggesting that a real breakout that is likely to be bearish (87.50% of traders bet on depreciation of the pair) may occur before long.
© Dukascopy Bank SA
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