EUR/SEK 1H Chart: Bears likely to prevail

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Indicator 4H 1D 1W
 MACD(12;26;9) Buy Buy Buy
 RSI(14) Neutral Sell Neutral
 Stochastic(5;3;3) Neutral Neutral Sell
 Alligator(13;8;5) Neutral Buy Buy
 SAR(0.02;0.2) Sell Buy Buy
 Aggregate

The EUR/SEK exchange rate reached the upper boundary of the long-term descending channel at 10.52 at the beginning of February.  

As apparent on the chart, the currency pair has already reversed south from given boundary. It is expected that the pair goes downwards to the lower channel line located in the 10.05/10.10 range. However, the rate has to surpass the support level formed by the Fibonacci 50.00% retracement at 10.22. 

If the support formed by the 100-period SMA (4H) holds, it is likely that the pair re-tests the upper channel line.

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