EUR/SEK 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The common European currency is trading against the Swedish Krona in an ascending channel on a medium scale. The medium term channel is a representation of the pair's rebound against the lower trend line of a large scale channel up pattern. However, there is a possibility that changes are about to occur, as the currency exchange rate has reached and bounced off from the 23.60% Fibonacci retracement level, which is located at the 9.5726. Due to that fact traders are advised to watch, whether the rate makes another attempt at the resistance and breaks it. On the other hand the rate might break out of the ascending channel to the downside and begin a medium term decline.
© Dukascopy Bank SA
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