EUR/SEK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/SEK has recently confirmed formidable resistance at 9.45 (October high), but there is still a high chance the Euro will keep gaining ground. The currency pair is expected to stabilise near the lower boundary of the emerging channel at 9.43/9.42 and resume the rally. Once above 9.45, the next target will be the weekly R1 at 9.51, with potential to test the September high at 9.53. On the other hand, if the pattern is broken to the downside, support might be found at 9.39 (weekly PP), though we should not rule out a deeper sell-off, down to 9.34, where the daily S3 meets the 200-hour SMA. In the meantime, the Euro is oversold, being that 73 of open positions are short.
© Dukascopy Bank SA
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