EUR/SEK 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Duakscopy Bank SA
© Duakscopy Bank SA
EUR/SEK is trying to consolidate below the lower boundary of a 126-bar long rising wedge pattern that started on October 24, suggesting that on-going weakness is highly possible in hours to come as a bearish breakout from the rising wedge usually leads to accelerating decline of the market instrument.
Meanwhile, market players are not certain about the pair's prospects, with the proportion of short to long positions being 1:1. Technical indicators are shading some light on the EUR/SEK potential moves, sending bullish signals in the medium term.
© Duakscopy Bank SA
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