EUR/SEK 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since November 3 the EUR/SEK currency cross has been appreciating, which led to formation of the rising wedge pattern. It, however, implies that the trading range is decreasing constantly along with trading volume. In the middle of the next week we would expect a break-out from the pattern; however, a direction is not fully clear at the moment. Technical indicators are giving bullish signals in both short-term and medium-term, while daily studies are neutral for the time being. On the other hand, market participants are suggesting another idea, as more than 70% of all opened positions on the single currency versus the Swedish krona are set to sell the former one.
© Dukascopy Bank SA
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