EUR/SEK 1H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Recently, EUR/SEK has attempted to break though the upper limit of the 181-bar long descending triangle pattern that was started in mid-January. However, the pair failed to consolidate above the 200-hour SMA and came back to the triangle area.
Now the currency couple is swinging between small gains and losses. Proximity of the apex suggests that a real breakout is looming but its direction is still unclear. Market players bet on appreciation of the pair in 60% of cases; however, an advance is likely to be contained by the 50- and 200-hur SMAs that are meandering above the pair.
© Dukascopy Bank SA
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