EUR/SEK 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rise to a one-week high on November 28 marked the beginning of a sharp retreat performed by EUR/SEK. The pair formed a channel down pattern that now is 113-bar long but it is not likely to be prolonged in future given a breach of the upper limit of the pattern four hours ago. If the pair continues to follow the upside trend, it will face a resistance zone at 8.8790/824 (four-hour R1, R2) that if overcome will send EUR/SEK to its 200-hour SMA acting as a strong defence against further appreciation.
© Dukascopy Bank SA
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