Trade Alert
EURSEK has broken the medium-term downside resistance line, taken from the peak of the 3rd of May, which opened the path towards the key area of resistance at 10.48, marked near the peaks of the 13th of April, 9th of May and the 2nd of July. As we can see, that level acted as very good resistance, so judging by the pair's direction, it could be heading that way.
If that resistance level gets broken, this could finally open the path towards higher levels (please see chart for details).
For us to start considering slightly lower levels, we would need to see EURSEK dropping back down below, not only the downside resistance line but also the medium-term upside support line, taken from the low of the 31st of January. A break blow the last could open the way to the long-term upside line, drawn from the low of the 9th of October last year. This upside support line could also act as an important bouncing ground for the pair. But if it break, it could change the trend, where we could start targeting much lower levels.
Don't forget your SL.
EURSEK has broken the medium-term downside resistance line, taken from the peak of the 3rd of May, which opened the path towards the key area of resistance at 10.48, marked near the peaks of the 13th of April, 9th of May and the 2nd of July. As we can see, that level acted as very good resistance, so judging by the pair's direction, it could be heading that way.
If that resistance level gets broken, this could finally open the path towards higher levels (please see chart for details).
For us to start considering slightly lower levels, we would need to see EURSEK dropping back down below, not only the downside resistance line but also the medium-term upside support line, taken from the low of the 31st of January. A break blow the last could open the way to the long-term upside line, drawn from the low of the 9th of October last year. This upside support line could also act as an important bouncing ground for the pair. But if it break, it could change the trend, where we could start targeting much lower levels.
Don't forget your SL.