EUR/SEK 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since early December, the Euro has been appreciating against the Swedish Krone, forming a double top pattern that now is 119-bar long and has the highest possible magnitude and 59% quality. The pair peaked at a one-year high for two times; the second peak was higher than the first one, albeit slightly. At the moment of writing, the pair came off the one-year high, meaning that EUR/SEK has already entered the bearish phase of the pattern that may lead to an accelerating decline in the hours to come. However, the SWFX data gainsays this as 66.67% of market participants are bullish on the pair.
© Dukascopy Bank SA
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