EUR/SEK 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
EUR/SEK climbed its way steadily away from the 2017 low at 9.4189 which was tested on January, but the motion might now be endangered as a rising wedge has upped downside risks. The pair has most recently tackled the upper trend-line of the pattern and should move towards the bottom bound around 9.6339 in an almost flat motion. After experiencing volatility on the last green candle, the pair confirmed the resistance area at 9.6426/32 and immediate support at 9.6339, the 20-hour EMA. The pattern is expected to break to the downside and the step might come in the current wave already, leading to 9.6289 for a retracement.
© Dukascopy Bank SA
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