EUR/SEK 1H Chart: Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
If we draw two converging lines—through the latest peaks and valleys, then we would notice that EUR/SEK has been recently forming a symmetrical triangle. Thereby the down-trend creates a strong resistance area at 8.6489, as it is also reinforced by the long-term moving average. From below the exchange rate is supported by the up-trend line at 8.6158, which in turn is strengthened by the daily S1 level.
Taking into account the proximity of the figure's apex, the break-out may occur at any moment with the risks skewed to the downside, according to the SWFX traders' sentiment (63% of open positions are currently short).
© Dukascopy Bank SA
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