EUR/SEK 4H Chart: Broadening Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A sharp decline that followed a rise to a 10-month high of 9.0998 has been performed by EUR/SEK on the four-hour chart. The drop was started in mid-December and has been developing within the area bounded by two downward sloping and gradually diverging lines.
Now the pair is rebounding after a retreat from the pattern's resistance. In fact , the pair changed its direction to the north before it reached the lower boundary of the pattern that may signal the pair has enough strength to reach the pattern's upper limit one more time. This is further reinforced by bullishness on the market –75% of traders hold long positions.
© Dukascopy Bank SA
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