EUR/SEK 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
As EUR/SEK was unable to extend the advancement beyond the resistance at 9.10, the pair started declining, but within the area delineated by two parallel falling trend-lines.
Right now the price is fluctuating just below the upper trend-line, which creates formidable resistance at 8.8479, together with the weekly pivot point and the 200-period SMA. Accordingly, it is likely that the Euro will soon resume falling, potentially until it hits the down-trend support line at 8.67. The bearish scenario is shared by an overwhelming majority of the SWFX market participants, considering that 73% of open positions at the moment are short.
© Dukascopy Bank SA
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