EUR/SEK 4H Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The single currency has just breached the upper boundary of the descending triangle pattern, meaning that the break-out may take place soon. By crossing the upper trend-line, the pair has also breached an important resistance level at 9.1952, represented by monthly PP/200-period SMA. Technical indicators and market participants support the idea of upward break-out, as former ones send confident positive signals, while 70% of all positions are long at the moment. On the way up, at first the Euro currency will have to breach the weekly R1/major level, which is located at 9.2093/9.2100; however, we expect the pair to experience no significant problems with that.
© Dukascopy Bank SA
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