EUR/SEK 1D Chart: Rising Wedge

Source: Dukascopy Bank SA
The Swedish Krona appears to be attempting to reverse the trend in its favour on the daily time-frame, at first in the form of an unconfirmed head and shoulders that failed on the second shoulder; and secondly – in the most recent rising wedge that has built up bearish potential to kick off the downfall after all. The pair has just tested the upper trend-line of the pattern and is now on its way towards the bottom one around 9.6100 which might break if tested repeatedly. The cloud bolstered by several other levels is likely to catch the fall around 6.5757.

  Level  Rationale     Indicator 4H 1D 1W
R4 9.8691 Monthly R3     MACD (12; 26; 9) Buy Buy Buy
R3 9.7699 Monthly R2     RSI (14) Neutral Neutral Neutral
R2 9.7094 Monthly R1; Wedge Upper trend-line     Stochastic (5; 3; 3) Sell Sell Sell
R1 9.6961 Upper Bollinger Band     ADX (14) Neutral Neutral Neutral
S1 9.6275 20-hour EMA     CCI (14) Neutral Neutral Sell
S2 9.6102 Monthly Pivot Point; 200-hour SMA     AROON (14) Buy Buy Buy
S3 9.5897 Wedge Bottom trend-line     Alligator (13; 8; 5) Buy Buy Buy
S4 9.5737 55-hour SMA     SAR (0.02; 0.2) Sell Buy Buy
          Aggregate → ↘ ↘
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