Dukascopy

EUR/SEK 1H Chart: Euro breaches four-month channel

FX:EURSEK   Euro / Swedish Krona
EUR/ SEK was trading in a four-month ascending channel prior to breaching this pattern to the downside on Wednesday. This movement shows that the Euro is ready to continue trading lower in line with the senior channel. The upper boundary of this long-term channel was tested on March 3 when the rate reversed from its eight-year high of 10.68.

As it was stated, the pair’s movement is expected to be southwards during the following weeks, while the a shorter-term forecast favours a bullish correction, as the considerable 1.45% fall yesterday sent technical indicators in the oversold territory.

The nearest resistance is set by the 55-hour SMA at 10.47. A breakout of this level should result in a test of the 23.60% Fibonacci retracement , the 100-hour SMA and the monthly PP at 10.50 or even further up to the 200-hour SMA and the weekly PP near 10.55.

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