EUR/SEK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is a bullish pattern emerging in the hourly chart of EUR/SEK. However, we do not expect an immediate rally, being that the currency pair is currently trading right at the upper boundary of the pattern. Moreover, there is an additional formidable supply area nearby, namely 9.40, created by the January high, weekly R2, and daily R1. The near-term outlook is therefore bearish, and the price is expected to dip through the weekly R1 level towards the support trend-line at 9.3050, where it is reinforced by the 200-hour SMA and weekly PP. This should be enough to trigger another round of buying. Meanwhile, the sentiment in the SWFX market is negative—69% of positions are short.
© Dukascopy Bank SA
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