EUR/SEK 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency has been under bearish pressure versus the Swedish Krona on both the short and long-term time frames. In the one-hour chart EUR/SEK is rebounding at the moment, but a recovery seems to be fragile, and the pair may resume falling in the nearest future. It is currently consolidating somewhat above the daily PP and 55-hour SMA at 9.4050. Therefore, a sell-off is likely to be triggered by the next resistance represented by the pattern's upper edge/weekly PP just below 9.45. Meanwhile, technical indicators are moderately bearish with respect to the Euro, while the vast majority (70%) of SWFX traders are keeping short open positions.

© Dukascopy Bank SA
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