EUR/SEK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Even though the trend-lines drawn may not be equally important, there is a good chance the currency pair is forming a bullish channel. EUR/SEK is expected to rebound from the 9.37 and rise up to the upper edge of the pattern. However, we should note that there is a plethora of resistances overhead. The levels that pose the most threat are some of the recent highs, such as the Jul 3 maximum at 9.4036, followed by the Jun peak at 9.4264 and the May high at 9.44. In case demand at 9.37 fails to trigger a recovery, the Jul 7 low together with the 200-hour SMA will become the new target. Meanwhile, the SWFX sentiment is strongly bearish: 74% of open positions are currently short.
© 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.