EUR/SEK 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The 19-nation currency has attempted to violate the triangle's boundaries for several times in the past twelve hours. However, EUR/JPY broadly remains in a tight range between two major technical levels, represented by the weekly PP and weekly R1 at 9.3436 and 9.3973, respectively. Only a move beyond one of these marks will eventually confirm the pattern. Judging from signals, which daily technical indicators are now sending, the Euro is likely to commence an upside break-out from the triangle. On the other hand, the majority of SWFX traders see the shared currency lower, while an advantage of bearish (70%) positions over the bullish ones (30%) remains substantial.
© Dukascopy Bank SA
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