EUR/SEK 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency continues to decline against the Swedish Krona in two descending channels, while simultaneously being highly affected by Fibonacci retracement levels. The retracement levels are measured by connecting the 2016 high level of November 9 with the 2016 low level of April 21. Most recently the currency exchange rate rebounded against a combined support level of the 61.80% Fibonacci retracement level and the lower trend line of the medium term descending channel near the 9.47 mark. However, the trend line played the main role. As a result the rate is surging and it is most likely to do so until it reaches the medium term descending channel's upper trend line near the 9.55 mark.
© Dukascopy Bank SA
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