The EURSEK Bouncing Off Support

FX:EURSEK   Euro / Swedish Krona
We last posted on the EURSEK on April 20th when price had broken above followed by a pull back to the drawn-in pivot support level .

This pivot level so far has held strong and we are seeing strength to the upside. We want to see the momentum to the upside continue and take price through and close above the pivot high of April and ideally in the form of a bullish flag .

If the bullish flag does not materialise then that will mean further patience until the breakout is confirmed. Either way, we require a breakout for a continuation of the bull trend to be likely and until that happens we will be holding tight and applying patience.

If the breakout does happen then we would like to see price move towards the next key level of 11.0000 and offer opportunities to compound on its ascent. We have a long position

As the trend suggests, if the breakout does happen, expect a pullback to retest this current April high before a bounce up.

Embrace and expect pullbacks as they are a natural feature to price action. These are areas where many panic and lose money or get out of winning positions way too early or areas where people often are sucked in to go against the trend but fail.

Those who have a solid understanding of the natural features of price will simply stand aside and apply patience and wait for price to dictate a breakout to the upside in the case of the EURSEK .

Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!

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