EUR/SEK 4H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Considering that since late August the Euro has been underperforming the Swedish Krona and the symmetrical triangle itself a neutral pattern, we hold a negative bias with respect to EUR/SEK. The pattern is likely to be broken to the downside, which in turn will pave the way for a decline to the October 28 low at 9.3140. Additional support level is at 9.2726 (monthly S1), followed by the October low at 9.2354.
Conversely, should the bulls overpower bears and force the price to rise above the falling trend-line, the first target will be a strong resistance level at 9.41, followed by the last month's high at 9.45.
© Dukascopy Bank SA
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