EUR/SEK 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 281-bar long rising wedge was formed by EUR/SEK on a 4H chart in the beginning of October. Pattern's support has been followed by a 200-period SMA, and each time bears have been experiencing difficulties around the lower trend line. This time the pair is changing hands just 328 pips above the SMA, and according to aggregate technical indicators on a 4H chart, there is a great potential for bears to push the price lower. Nonetheless, in a longer term the appreciation of the single currency versus the Swedish Krone is still likely, as indicators on a daily chart are sending ‘buy' signals, while almost 74% of traders are holding long positions.
© Dukascopy Bank SA
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