EURSEK - Maybe topped, maybe not, but worths to watch
This chart is really interesting and worth to put it on the radar from now. Actually SEK is a lagging ccy against EUR. It has not performed at all during the EUR selloff since mkt started to price ECB decisions and not even since ECB announced its decisions.
Daily: Bearish DMI and slowly turning but still very low ADX / MACD bearish / Slow Stoch bearish.
What is very interesting, that Ichimoku setup still looks bullish somehow. But is it really bullish? If you check the components closer, you can see that both Kijun Sen, Senkou A and Senkou B (the cloud upper and lower lines) are flat. Tenkan started to point down, and future Senkou lines started to converge. Chikou Span is also at Price and pointing down. The Kumo held as support six times, but now it seems price may penetrate it deeper.
All in all I think these signs should ring the bell for the bulls.
On 4 Hrs time frame we also see rather bearish signals (SMI, Slow Stoch, and Price below Kumo. On 4 Hrs chart price should break below the lower line of the triangle to stay bearish biased, and to be able to push price on the higher daily time frame down into the Kumo cloud.
At mom it looks like EUSEK has a chance to test the bottom of the Kumo ard 8,9670. However that level might be a good support first together with the trend line.
If you think EUR weakness will persist later this year, it really worths to watch this cross from now, as in case it manages to break below 8,95 at some point, it can become a really good strategic short.
Daily: Bearish DMI and slowly turning but still very low ADX / MACD bearish / Slow Stoch bearish.
What is very interesting, that Ichimoku setup still looks bullish somehow. But is it really bullish? If you check the components closer, you can see that both Kijun Sen, Senkou A and Senkou B (the cloud upper and lower lines) are flat. Tenkan started to point down, and future Senkou lines started to converge. Chikou Span is also at Price and pointing down. The Kumo held as support six times, but now it seems price may penetrate it deeper.
All in all I think these signs should ring the bell for the bulls.
On 4 Hrs time frame we also see rather bearish signals (SMI, Slow Stoch, and Price below Kumo. On 4 Hrs chart price should break below the lower line of the triangle to stay bearish biased, and to be able to push price on the higher daily time frame down into the Kumo cloud.
At mom it looks like EUSEK has a chance to test the bottom of the Kumo ard 8,9670. However that level might be a good support first together with the trend line.
If you think EUR weakness will persist later this year, it really worths to watch this cross from now, as in case it manages to break below 8,95 at some point, it can become a really good strategic short.
