EUR/SEK 1H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A pair of two European currencies, EUR/SEK, was shaping a 454-bar long descending triangle during more than a month ended March 12 when the pair finally breached the upper-limit of the triangle. However, the jump above this mark as well as above 50-and 200-hour SMAs seems to have exhausted the pair's potential since the bullish breakout took place seven hours earlier but we have not observed a sharp rally yet. However, an advance may happen in the foreseeable future given that technical indicators are sending 'buy' signals for short and medium terms. But at the same time, the data also point to weakness in the long-term.
© Dukascopy Bank SA
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