Summary: A fresh spike in natural gas prices in Europe accelerated the relative weakness of the euro yesterday and the single currencies performance is so dire that we have to consider where to look if the market transitions to more existential, as opposed to cyclical concerns. Elsewhere, SEK has recently looked like the baby being thrown out with the bath water...
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We can see that on all Higher Timeframes (Monthly, Weekly, Daily) EURSEK is bearish.
Monthly the market has created an M pattern where we can expect a retracement back to the neckline or wick of the monthly candle, where its lining up...
As of right now i have all my big positions in Bullish US Dollar Pairs but i will like to try taking a trade that's Bullish for the Euro just incase the US Dollar trades dont go quite how i want. EURSEK seems to be the best bet as a hedge because on the weekly it has a double bottom formation with Bullish Convergence on the RSI; Price it may try to target the...
EUR/SEK is trading within a well defined range, however recent price action suggests increased buying pressure that could see a move towards the top of the range. A break out of the upper resistance levels will see the completion of a long term bottoming pattern and potentially the start of an upwards trend.
EUR/SEK looks to be forming a bowl pattern on the point and figure chart, if it can break above the horizontal resistance it keeps testing longs plays are an idea.
*This is not a recommendation to buy or sell it is for educational purposes only*