EUR/SEK 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The near-term outlook on EUR/SEK is bearish, as the currency pair has recently formed a well-defined descending channel following a failed attempt to revisit 2015 highs. After a small upward correction from 9.41 the pattern implies a sell-off from its upper boundary at 9.46.

The decline, however, is expected to be limited by support at 9.36 because of the four-month uptrend line. Strength of the bulls is also implied by the longer-term technical indicators. Accordingly, we should expect the price to leave the boundaries of the pattern towards the end of the next week. Nevertheless, prolonged appreciation of the Euro is unlikely, since the currency is overbought: 74% of positions are long.
© Dukascopy Bank SA
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