EUR/SEK 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro has been under intensive pressure for a long period of time, and its currency pair with the Swedish Krona is not an exception. This cross has been trading downwards for at least two consecutive weeks. Moreover, the single currency has just bounced back from the upper trend-line of the bearish pattern, meaning that we can now expect even stronger negative development. Pessimistic outlook for the pair is supported by technical indicators on all time-frames. However, Stochastic is currently pointing upwards on a daily time-frame, indicating that the pair is oversold. Meanwhile, 73.03% of SWFX market participants are holding short opened positions.
© Dukascopy Bank SA
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