EUR/SEK 4H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro has been slowly appreciating versus the Swedish krona since April 2013. In course of this period and until now, however, a lot of minor stops occurred, which is also proved by the current market situation. A sideways trend with the narrowing trading range let to emergence of the triangle pattern, which has been successfully confirmed to the upside last week. Therefore, we see a strong positive signal for the Euro in the medium-term. This idea is supported by technical studies, which, similarly to AUD/CAD pair, are pointing upwards on all time-frames. On the other hand, market participants expect the bearish case in the future, as almost 74% of all trades are now short.
© Dukascopy Bank SA
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