EUR/SEK 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
On the face of it the outlook should be bearish, as the currency pair trades within the boundaries of a downward-sloping channel, and the spot price is at the upper boundary of the pattern. However, this is misleading, since EUR/USD is currently facing a support trend-line that connects troughs since August. Consequently, there is a considerably higher chance of a break-out to the upside than a chance of a dip through 9.2350. Once the price closes above 9.29, the Euro will likely pierce through the nearby resistances and eventually revisit September 28 high at 9.53. As for the sentiment, the market is neutral at the moment: 55% of traders are bulls and 45% are bears.
© Dukascopy Bank SA
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