EUR/SEK 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is a plethora of arguments in favour of a weaker Euro against the Swedish Krona. For one, the currency pair has broken through an important support at 9.54 on August 3, which consisted of the 200-hour SMA and a seven-week up-trend. In addition, EUR/SEK has formed a descending channel, and most of the technical indicators are pointing south. Moreover, the single currency is overbought (70% of positions are long), further improving the chances for bears. Accordingly, we expect the price to stay under the upper boundary of the channel at 9.5050/00 and keep declining. Right now the target is 9.4670, and if this support is breached, 9.4160 is to become the next destination.
© Dukascopy Bank SA
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