EUR/SEK 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
As the level of 9.1392 turned out to be an insurmountable obstacle on Apr 21, EUR/SEK began trending downwards. And even though at the moment the currency pair is rallying, this up-move is considered to be only a temporary bullish correction within the boundaries of the negatively-sloped channel.
Accordingly, the Euro is expected to make a U-turn at 9.0580, which is the upper edge of the pattern and also the weekly S1 level, and resume the decline that should extend at least to 8.98, which in turn is the lower trend-line. Meanwhile, the sentiment towards EUR/SEK is notably bullish—71% of traders believe the single currency is going to appreciate.
© Dukascopy Bank SA
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