EUR/SEK 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
It appears that EUR/SEK has entered a ranging phase on the daily chart and created a channel down pattern to help it reach the bottom bound of the range around 9.4189. The pair has, however, showed bullish potential with a step above the upper trend-line of the pattern and a correction, which now calls for a sharp movement north, possibly towards 9.5514. A close above would open the way for tests of 9.5580 and then – 9.5708. The ultimate target on the upside is at 9.5991 – the top bound of the range, and some supply pressures might not let the pair through that easily.
© Dukascopy Bank SA
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