EUR/SEK 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Given the current market conditions, the risks are heavily skewed to the downside. The latest gains should be capped by 9.28, where the daily pivot point merges with the falling trend-line. The nearest support is at 9.26, and this level must be broken in order for the currency pair to confirm its intentions to descend deeper, down to 9.2450 (May 8 low). At the same time, if 9.28 fails to trigger a sell-off, the bears will have a good opportunity to regain control at 9.3250 (May 20 high and 200-hour SMA). As for the sentiment in the SWFX market, right now most of the traders prefer to be short the Euro—70% of them.
© Dukascopy Bank SA
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