EUR/SEK 1D Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
At the very end of September the currency pair broke the up-trend it has been forming since the first half of 2013 to the downside. Nevertheless, there are still good chances the bulls are going to remain in control, being that EUR/SEK seems to have bottomed out near the 200-day SMA and there is another major rising support line at 9.05. Moreover, this demand area is also reinforced by the monthly S1 and Oct low, increasing the probability of a rebound from here. Another argument in favour of an up-move to 9.50 in the coming weeks is represented by the technical indicators—five out of eight monthly studies are currently pointing upwards.
© Dukascopy Bank SA
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