EUR/SEK 4H Chart: Channel Up

Following ECB meeting yesterday, the EUR/SEK was forced to confirm the bullish channel pattern, and even the powerful demand in face of weekly and monthly S1s was unable to stop the sell-off. However, at the moment the Euro seems to be consolidating around these levels of 9.38-39. On the bearish side, 4H and daily indicators are pointing strongly to the downside and project the pair to develop in the direction of 9.2550 (monthly S2). However, weekly studies are more positive on the matter, while 68% of all open positions are long. This fact supports the case of recovery in the near term, as bulls are setting eyes on returning back into boundaries of the pattern, namely above the 9.48 mark.