EUR/SEK 1H Chart: Double Top

By forming a double top pattern, EUR/SEK is putting at risk any future growth opportunities, as this pattern is considered to be a reversal one. The most crucial test will take place somewhat above 9.23 where the 200-hour SMA merges with January 8 low, namely the horizontal trend-line for the pattern. Intermediate demand is offered by the weekly PP and daily S2 just above 9.24, while 1H and 4H indicators expect the losses to be temporarily contained near these supports. In the long run, a drop below 9.23 will inevitably expose the weekly S1 at 9.1921, followed by this year's current low at 9.1462. Alongside, any rebound should be prepared to meet a dense resistance at 9.2650-9.28.