EUR/SEK 4H Chart: Head and Shoulders

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/SEK is in the last phase of the head and shoulders pattern—it is forming the third top at the moment. Previously, the pair peaked out near the 11-month down-trend at 9.40 and repeatedly found support around 9.30. Accordingly, a breach of the latter level will give us a reason to expect a sell-off down to 9.22, namely the June 7 low. However, the decline through 9.30 may be delayed, mainly because demand at this mark is reinforced by the long-term moving average. At the same time, even if the price closes beneath the neckline, there will be another important obstacle at 9.2550 on the way to 9.22, represented by the lower bound of the four-month ascending channel.
© Dukascopy Bank SA
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