EUR/SEK 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency is simultaneously in two ascending l patterns against the Swedish Krona. The smaller pattern, which is a broadening ascending wedge is a representation of the currency exchange rates rebound from the larger patterns lower trend line. Most recently the currency pair reached the short term patterns upper trend line in a sudden surge from 9.6477 to 9.7234. One more notable fact is that the pair recently struggled with the high level of 2016 at 9.6155, which indicates that there are no Fibonacci retracements levels to operate with. Moreover, the rate might surge even more, since 73% of open SWFX trader positions are short, indicating at the pair being oversold.
© Dukascopy Bank SA
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