EUR/SEK 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
An interesting pattern is forming on the Euro against the Swedish Krona pair, as the currency exchange rate has just confirmed and broken out of a triangle pattern, which indicates a change of the pair's trend. As the pair broke out the triangle pattern, it looks like it formed a channel up pattern. At the moment, the Euro is appreciating against the Swedish Krona at 9.3945 near the new pattern's upper trend line, which is located around the level of 9.4109. The upper trend line is also supported by the weekly R1 at 9.4039. In addition, the market sentiment is in favor of the pair's appreciation, as 68% of traders have open short positions. However, aggregate technical indicators do not predict a surge today, as they forecast no changes on Friday.
© Dukascopy Bank SA
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