EUR/SEK 1H Chart: Bearish momentum

FX:EURSEK   Euro / Swedish Krona
The Euro has been appreciating against the Swedish Krona after the currency pair reversed from the Fibonacci 38.20% retracement at 10.32. This movement has been bounded in a short-term ascending channel .

Currently, the pair is trading the lower channel line at 10.36. Also, the pair is pressured by the 55-, 100– and 200-hour SMAs located in the 10.39/10.45 range. Given these facts, it is expected that a breakout from the channel might occur in the nearest future. Technical indicators for the 4H and 1D time-frames support bearish scenario.

Potential downside target could be the weekly S1 at the 10.29 mark.


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