EUR/SEK 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having risen to more than a one-year high, EUR/SEK changed its direction to the south, forming a channel down pattern shortly after the retreat started. The currency pair has been trapped by the pattern's trend-lines for 114 hours and hitherto it has not showed any willingness to break through any of the limits.
At the moment EUR/SEK is sitting above a two-month low 8.7564, albeit slightly. In the hours to come the pair is likely to prolong its losing streak as technical indicators are sending "sell" signals for short and medium terms.
© Dukascopy Bank SA
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