The Euro has been depreciating against the Swedish Krona since the end of August. This movement has been bounded in a falling wedge.
The exchange rate reversed south from the upper wedge boundary at 10.41 at the end of October. Given that the currency pair is pressured by the 55-, 100– and 200-hour SMAs, it is expected that the pair aims for the lower boundary of given pattern located circa 10.26.
However, this move might not be immediate and the pair could re-test the upper pattern line located near 10.36.
The exchange rate reversed south from the upper wedge boundary at 10.41 at the end of October. Given that the currency pair is pressured by the 55-, 100– and 200-hour SMAs, it is expected that the pair aims for the lower boundary of given pattern located circa 10.26.
However, this move might not be immediate and the pair could re-test the upper pattern line located near 10.36.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.