EUR/SEK 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro/Swedish Krona formed a high-quality and magnitude triangle pattern, which began emerging in the beginning of October. Since that time the pair was decreasing its trading range. At the moment we are waiting for the shared currency to commence a break-out in any direction. Even though the pattern's boundaries have already formally been crossed to the upside, the development to the north is not predetermined. Technical studies on all time-frames are neutral at the moment, while market participants are holding short positions on the Euro in 62% of all cases. However, according to historical statistics, 54% of break-outs from triangles happen to the upside.
© Dukascopy Bank SA
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