The Euro is trading against the Swedish Krona simultaneously in two ascending channel patterns. However, the situation is about to change. Due to the fact that the currency pair has hit and bounced off the upper trend line of the dominant channel, it can be assumed that the currency rate is in the process of forming a new medium term pattern, which is most likely going to be an almost horizontal channel. For the clues of the future pattern market participants will look into the point of rebounds and bounce offs, which will take place in the near future. Meanwhile, it has to be noted that the pair has historically been heavily affected by the Fibonacci retracement levels of the 2017 low and 2016 high levels.
| Level | Rationale | Indicator | 4H | 1D | 1W | |||
| R4 | 9.8391/9.8422 | Weekly R2; trend line | MACD (12; 26; 9) | Buy | Buy | Buy | ||
| R3 | 9.8292 | 61.80% Fibo | RSI (14) | Neutral | Neutral | Neutral | ||
| R2 | 9.8140 | Trend line | Stochastic (5; 3; 3) | Sell | Sell | Sell | ||
| R1 | 9.7842 | Weekly R1 | ADX (14) | Neutral | Neutral | Neutral | ||
| S1 | 9.7699 | Monthly R2 | CCI (14) | Neutral | Neutral | Sell | ||
| S2 | 9.7494/32 | 50.00% Fibo; 55-period SMA; weekly PP | AROON (14) | Buy | Buy | Buy | ||
| S3 | 9.7241/18 | 100-period SMA; trend line | Alligator (13; 8; 5) | Buy | Buy | Buy | ||
| S4 | 9.7094 | Monthly R1 | SAR (0.02; 0.2) | Buy | Buy | Buy | ||
| Aggregate | ↗ | ↗ | ↗ |