FOREXCOM:EURSEK This is currently in a strong uptrend, however a reversal may occur after it reached the previous high (Peak to the left). It is best to allow this to run and put on a short position after the support level is broken. Will still need to watch and make sure there is no bounce on the lower trend line.
We can see EUR/SEK drop till 10.55 as it's Friday and some long positions are being closed. Furthermore, as the currency makes lower lows, it will drive the fear of the bulls and they will close their positions to secure their profits, making EUR/SEK fall. If you do trade this pair, do not risk more than 1% as it's very high risk. Also, take into consideration...
An high short pressure on high timeframe will drive the cross to lower price Overbought EURUSD will help the tank
As predicted, it found support on the previous high-trend line. SEK is releasing 'Industrial numbers in within the half hour, also EUR is releasing PMI within the hour. Depending on the released numbers, I strongly believe EURSEK is a long. Buying volume seems much stronger than selling. No cash build to be seen the last week. If it breaks above the 200MA (orange...
If the trend keeps going as is we should expect a continuation downward to 9.45 area. Top lines candles are good to short if no reverse or bullish signals kicks in with enough strenght. Stay safe, and Good Luck! (My SL is at 9.56, TP1 is 9.48, TP2 is 9.445)