EUR/SEK 4H Chart: Triangle

EUR/SEK cross has just breached the triangle pattern's lower boundary, meaning we can project substantial losses for the single European currency and rising value of the Swedish Krona, respectively. The closest possible support is offered by the weekly S2 at 9.3064, but a recent violation of the Oct 28 shows that bears are strong enough to erode the mentioned weekly demand as well. We are watching the 9.27 area next, where weekly S2 merges with the monthly S1. Additional support is provided by Oct low at 9.2348, should we see the sell-off being prolonged significantly to the downside. Despite all, traders have another opinion with respect to EUR/SEK as three in four open positions are long on the Euro.