EUR/SEK 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/SEK has been generally recovering since mid-February, which subsequently allowed it to form a bullish channel. However, just recently the currency pair has encountered the upper edge of the pattern, signalising a beginning of a bearish correction. Accordingly, the rally will be postponed and the sell-off is likely to extend, potentially down to the lower boundary of the corridor, namely to 8.90.
In the meantime, while the technical indicators are neither in favour nor against any of the possible scenarios, the sentiment towards the Euro is fairly bullish. At the moment 62% of open positions are long and the remaining 38% are short.
© Dukascopy Bank SA
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