EUR/SEK 1H Chart: Channel Down

Although at first it may have seemed that the sell-off initiated on Dec 13 was simply a retracement of the up-move started at the beginning of the current month, the decline appears to have developed into an independent down-trend, considering that the 200-hour SMA has already been violated.

Right now, being that the exchange rate is fluctuating just beneath the upper boundary of the channel, the outlook on the pair is strongly negative—the price should drop down to the lower falling line at 8.8878. SWFX market participants, in the meantime, are not unanimous in their attitude towards EUR/SEK—46% are bullish and 54% are bearish.