EUR/SEK 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/SEK shaped a triangle pattern in the first days of December. Now the pair has almost approached the apex, meaning that the breakout is likely to appear soon. However, the direction of the breakout still seems obscure as market players are strongly bullish on the pair, whereas a recent drop to the pattern's support as well as formidable resistances represented by short and long-term SMAs are suggesting that the bullish move may be doomed to fail.
© Dukascopy Bank SA
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