EUR/SEK 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since Jan 29 EUR/SEK's trading range has been gradually narrowing, resulting in the end in formation of the symmetrical triangle on the hourly chart. Being that starting from mid-December in general the trend has been bearish, the break-out from the pattern should be to the downside. However, we should also be aware of the fact that just recently the currency pair has pierced through a falling resistance line, meaning the bias has changed and the Euro is now more likely to outperform the Swedish Krona. Nevertheless, presently a great majority of the SWFX market participants expect the common currency to lose value.
© Dukascopy Bank SA
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