EUR/SEK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Considering that EUR/SEK managed to breach the falling resistance line yesterday, the outlook on the pair is bullish. The problem, however, is that a similar situation was observed just a while ago, between May 25 and June 2, when the price recovered, but eventually gave in to the selling pressure. The current rebound is also seen having a correctional nature, meaning a contact with the 200-hour SMA, which is currently at 9.2640, is likely to lead to EUR/SEK exiting the channel and thus resuming the decline from 9.37. In the meantime, the SWFX traders appear to be undecided with respect to the currency pair's prospects, being that 55% of them are presently long and 45% of them are short.
© Dukascopy Bank SA
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