EUR/SEK 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/SEK is currently trading in a down-trend, and the bearish momentum is likely to persist at least until we get to the Apr 1 low at 9.2530. However, in the very near term the Euro has a good chance of gaining some ground, being that the currency pair has nearly reached the lower boundary of the channel. These gains should be limited by the resistance trend-line and the 200-hour SMA (presently at 9.35), and intactness of this supply area safeguards the bearish outlook. If it is broken, the bulls will be in a position to push the price up to the Apr 2 high at 9.40. Meanwhile, the SWFX traders' sentiment is strongly bearish—73% of open positions are short.
© Dukascopy Bank SA
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