EUR/SEK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro is in a good position to advance against the Krona. In addition to the bullish outlook implied by the emerging ascending channel, most of the technical indicators are pointing north. Even more importantly, the pair has just rebounded from the lower bound of the bullish channel forming in the daily chart. Our near-term target is thus the August 17 high at 9.5140. If this level is reached, the rate's next objective is likely to be the current August high at 9.60. In the meantime, dips are to be limited by a strong demand area circa 9.48, created by the weekly S1, five-day trendline and the 200-hour SMA. For now the only notable counterargument is SWFX sentiment—72% of positions are long.
© Dukascopy Bank SA
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