EUR/SEK 1D Chart: Channel in Triangle

Source: Dukascopy Bank SA

Indicator 1D 1W 1MN
MACD (12; 26; 9) Buy Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Sell Sell Sell
Alligator (13; 8; 5) Buy Sell Buy
SAR (0.02; 0.2) Buy Sell Sell
Aggregate

By large the slow moving low volatile EUR/SEK pair has been slowly moving in an ascending channel pattern on the daily chart. However, it has experienced a distinct spike in the second half of September, which in general is a cause for caution. 

Meanwhile, on a larger scale the currency exchange rate has formed a massive scale triangle pattern. The tip of the triangle is located almost at the 9.50 mark and in the year of 2018, which means that the triangle might hold for a long time. Although one should watch for possible breakouts near its borders. 

In regards to shorter term trading, the pivot points and the daily simple moving averages are a good guide.

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