EUR/SEK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/SEK is currently forming a high-quality channel up pattern, meaning the overall outlook for the Euro is bullish. However, in the short run the selling pressure is likely to dominate the currency pair, as it is undergoing a downward correction. The change of control from bears to bulls is expected to occur once the rate falls down to 9.4570/9.4452, where the daily S1 merges with the weekly PP and, more importantly, with the rising support line. From there EUR/SEK should recover while targeting the upper boundary of the pattern at 9.58. Alternatively, if there is insufficient demand, additional supports are at 9.42/41 (200-hour SMA) and at 9.39/38 (Feb 5 low and weekly S1).
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.