EUR/SEK 1H Chart: Falling Wedge - Trade Pattern Ideas - Dukascopy Bank

Fri, 07 Mar 2014 08:34:41 GMT
Source: Dukascopy Bank SA
 
© Dukascopy Bank SA
EUR/SEK exhausted its potential during a rally to a three-month high of 9.0119. After peaking at this high, the pair has been declining and entered a falling wedge pattern late February; now the pattern is 120-bar long.
At the moment, the currency couple is trading near the upper boundary of the pattern; however, it may be too early to expect the breakout. Technical indicators are neutral for short and medium term and send ‘sell' signals for longer term, meaning that the pair is not likely to enjoy a rally in the nearest term and may even retreat from the pattern's upper limit in the hours to come.
© Dukascopy Bank SA

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