EUR/SEK 1D Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Judging by EUR/SEK's behaviour over the past year, it becomes evident that the currency pair has been trading in a rising wedge pattern. Since mid-January of 2013 the trading range of the exchange rate has been narrowing, while the Euro was appreciating relative to the Swedish Krona. EUR is therefore inclined to fall precipitously once the up-trend support gives in. At the moment the price is testing the lower boundary of the figure at 8.8630. If this support is breached, the decline is likely to aim for 8.7499—the current location of the monthly S1 and the 200-day SMA. The next target could be 8.6467, which is the monthly S2 level and also designates one of the recent lows.

© Dukascopy Bank SA
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