EUR/SEK 1H Chart: Broadening Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
It seems that the Euro is getting ready to resume declining against the Swedish Krona in the nearest future. The pair managed to rebound towards the upper trend-line of the pattern, but further gains are unlikely. At first the cross is required to consolidate below the long-term simple moving average line at 9.36. Following that, the bears will be expected to send the 19-nation currency as low as 9.3170 (daily S1) in the medium-term and in the direction of the lower edge of the pattern at 9.24 in the long run. The bearish scenario is supported by 74% of SWFX market participants, but is opposed by the 4H and daily technical indicators, which see the pair higher in the next 24 hours.

© Dukascopy Bank SA
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