EUR/SEK 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Higher lows led to a falling wedge formation for EUR/SEK, indicating that the bullish breakout that has just occurred is technically credible. The pair has been stalled by the daily R1 at 9.5690, leading to tests of the cloud support at 9.5584 – consistent with the expectation of a retracement being in progress. The corrective motion will be cut by 9.5331, the previously broken boundary of the pattern, setting up a bullish outburst right then and there. The rising trend will encounter supply pressures at 9.5844/53, 9.6077 and then 9.6131, which could mess with the momentum and cause hitches.
© Dukascopy Bank SA
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