EUR/SEK 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
On April 16, the EUR/SEK currency pair reached its lowest point since March 18 at 9.2250. This level provided pair's bulls with considerable positive momentum for growth, and the single European currency recovered noticeably. In the meantime, the trading range inside the bullish channel has been decreasing over time. As a result, we are currently dealing with the rising wedge pattern. However, the range is still wide enough to allow major moves to take place. In the short-term, the Euro is expected to grow, with a target at 9.42 (pattern's resistance). However, 71% of SWFX traders forecast the bears to drive EUR/SEK to the downside in the long-term.
© Dukascopy Bank SA

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.