EUR/SEK 1H Chart: Broadening Ascending Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency is trading in a short term broadening ascending wedge against the Swedish Krona. In the meantime, on a medium scale the pair is in a descending channel, and the wedge is a representation of the pair's rebound from the lower trend line of the channel. Most recently the currency exchange rate found support in the wedge's lower trend line near the 9.47 mark. Due to that reason the Euro is set to gain against the Krona. However, the currency pair is set to struggle with the resistance put up by the 38.20% Fibonacci retracement level at 9.4837 level. The retracement levels on this pair are measured by connecting last year's high and low levels.
© Dukascopy Bank SA
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