EUR/SEK 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the beginning of December, the common currency has been appreciating against the Swedish Krone. The advance, being a part of the double top pattern, was paused after the Euro hit a two-year high versus its Swedish peer. At the moment of writing, the pair was trading between the pattern's support line and the 50-hour SMA. In the hours to come, EUR/SEK is likely to prolong the bearish trend and may try to breach the pattern's support. This is going to be an arduous endeavour as the lower boundary of the pattern is additionally supported by the 200-hour SMA and may withstand strong buying pressure.
© Dukascopy Bank SA
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Wed, 18 Dec 2013 07:44:26 GMT

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