EUR/SEK 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since Feb 12, when EUR/SEK encountered tough resistance at 9.63 as a result of a strong rally, the pair has been consolidating between two converging trend-lines. This implies an upside break-out, and the daily and weekly technical indicators support this view. Once the price closes above the down-trend at 9.5534, the first objective will be the resistance level at 9.5798 that mainly consists of the most recent highs. Extension of the surge might see a re-test of 9.63.
Meanwhile, violation of 9.54 is likely to invalidate bullish scenario. In this case the Euro will be expected to drift lower, targeting supports at 9.4916, 9.4618 and 9.4310.
© Dukascopy Bank SA
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