Indicator | 4H | 1D | 1W |
MACD (12; 26; 9) | Buy | Sell | Buy |
RSI (14) | Neutral | Neutral | Neutral |
Stochastic (5; 3) | Neutral | Sell | Neutral |
Alligator (13; 8; 5) | Buy | Neutral | Buy |
SAR (0.02; 0.2) | Buy | Buy | Sell |
Aggregate | ⇗ | ⇒ | ⇒ |
The bearish movement was guiding the EUR/SEK exchange rate since early May until the bottom channel boundary of the senior channel was reached at 10.10 mid-June. The pair bounced of this line and initiated a new wave upwards.
By mid-Friday, the Euro had reached the 10.35 mark which has provided strong support and resistance during the past three months. It is also apparent that the rate has breached the junior channel, the weekly R1 and the 55– and 100-hour SMAs.
Taking this into account, it is expected that the Euro edges lower during the following hours towards the strong support of the 200-, 100– and 55-period (4H) SMAs at 10.25. This level could cause a reversal back to the upside and a continuous surge towards 10.60 within the following two weeks.