EUR/SEK 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Considering the pattern the currency pair is forming, EUR/SEK is at a risk of a substantial decline. The key support is at 9.39. If the bears manage to push the price though the weekly PP, up-trend, Jul 24 low, and monthly R1, we will probably see a sell-off down to 9.2770 (Jul 16 low and monthly PP). In the meantime, the technical indicators are confidently pointing north, suggesting the bullish momentum has not yet been fully exhausted. If the Euro breaches the resistance trend-line, the price will have a good opportunity to reach 9.69, namely the Feb high. However, the sentiment of the SWFX market participants towards the common currency is negative: 74% of positions are short.
© Dukascopy Bank SA
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