EUR/SEK 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 64-bar long rising wedge was formed by EUR/SEK on a hourly chart on November 25. The pattern, however, is likely to be completed soon as the price has been highly volatile during the last couple of hours, while a recent spike of volume is supporting the case of an upcoming breakout. Despite a throwback, and a move below pattern's support, the outlook is still bullish. Hence, technicals on a 4H and daily chart are pointing at further appreciation, while 72% of traders are holding long positions. The last but not least fact that suggest a move to the north, is 74% of pending orders in a 50 pips range are placed to buy the pair.
© Dukascopy Bank SA
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