EUR/SEK 1H Chart: Ascending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Ascending triangle is a bullish pattern that forms when the pair reaches similar highs and several successively higher lows. The breakout of the pattern usually leads to a bullish movement of the pair.
In case of EUR/SEK, the breakout occurred close to the triangle apex, but the pair instead of breaching the up-trend resistance, successfully targeted the lower line of the triangle and now is trading below it. Given that the breakout occurred several hours ago and no attempt was made to return to the pattern boundaries, EUR/NOK seems to begin a descending trend in earnest.
© Dukascopy Bank SA
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Thu, 24 Oct 2013 06:05:49 GMT

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