EUR/SEK 1H Chart: Double Top

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
In the period between October 3 and October 7, EUR/SEK soared from 8.6160 to 8.7588 but failed to consolidate at the highest level since September and retreated to the formidable resistance at 8.6900 that gave the currency pair impetus for appreciation. However, the second jump was less successful than the previous one as EUR/SEK started to retreat not reaching the same high. Although, the pair's movements represent a typical double top pattern, suggesting that the currency pair now is likely to commence a steep decline, the SWFX data belies the bearish outlook, showing that traders are bullish on the pair in 100% of cases.
© Dukascopy Bank SA
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Thu, 10 Oct 2013 14:24:50 GMT

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