EUR/SEK 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Already since mid-December the trading range of EUR/SEK has been constantly narrowing, and this has led to formation of a symmetrical triangle. Considering the overall bullish tendency the pair has been exhibiting since this year's October and the signals provided by the technical indicators, a break-out to the upside appears to be a more probable scenario than violation of the support at 9.504.
Once the falling resistance line at 9.55 is breached, the main target will be the Dec 22 high at 9.58. In case the bulls keep pushing the price higher, the weekly R1 at 9.68 and Dec at high at 9.74 may become the next objectives.
© Dukascopy Bank SA
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