EUR/SEKThe currency pair clearly feeling that 0.618 fibonacci level. Bollinger's recent wide bands testify that we'll see increased volatility.
Eur-sek
Short EURSEK @ 10.7435; Tp @ 10.5285, SL your choiceShort EURSEK @ 10.7435; Tp @ 10.5285, SL your choice
EURSEK: 1D Channel Down/ sell signal to 10.070.The pair is trading inside a Channel Down on 1D and the current neutrality (RSI = 47.632, Williams = -49.587, CCI = -47.5862, Highs/Lows = 0.0000) indicates that a Lower High level has been reached. Based on the previous Lower Low measurements, we are short on EURSEK targeting 10.07000.
EUR/SEK 1H Chart: Two scenarios likelyThe EUR/SEK currency pair has been trading in the falling wedge since the middle of August. Also, the pair has reached the lower boundary of the long-term ascending channel.
Currently the rate is testing the lower channel line at 10.22. If given channel holds, a reversal north occurs in the nearest future and a breakout north from the wedge follows. Potential upside target is the Fibonacci 23.60% retracement at 10.45.
If given channel does not hold, the pair continues to trade within the wedge. A possible breakout north from given pattern might occur near the 10.15 mark.
EUR/SEK 1H Chart: Falling wedge in sightThe 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.
EURSEK: Low gradient 1W Channel Up. Long.EURSEK is trading on a long term 1W Channel Up on a low slope (RSI = 51.043, ADX = 12.316, MACD = 0.049) that is near pricing a Higher Low (Highs/Lows = 0.0000). We are looking to utilize the next medium term bullish leg towards a Higher High. TP = 10.80000.
EUR/SEK 1H Chart: Bearish momentumThe 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.
EUR/SEK 1H Chart: Euro supported by SMAsEUR/SEK has been appreciating since mid-June when the rate reversed from the senior channel. This long-term pattern was formed at the very beginning of 2017. By this Friday, the rate had returned back to the 23.60% Fibonacci retracement line at 10.47 which has worked as strong resistance this month. The upper boundary of the junior channel is likewise located there.
The pair’s current movement leads to suggest that a breakout of this resistance cluster is likely to occur, thus allowing the Euro to target another important resistance level at 10.48. This upward move should be supported by the 55-, 100– and 200-period SMAs both on the 1H and 4H time-frames.
A possible target for the following week is the monthly R1 at 10.60. Moreover, the upward tendency of the price demonstrates that the Euro might actually continue trading in line with the senior channel and thus re-test the 2018 high of 10.70.
EUR/SEK 1H Chart: Euro breaches four-month channelEUR/SEK was trading in a four-month ascending channel prior to breaching this pattern to the downside on Wednesday. This movement shows that the Euro is ready to continue trading lower in line with the senior channel. The upper boundary of this long-term channel was tested on March 3 when the rate reversed from its eight-year high of 10.68.
As it was stated, the pair’s movement is expected to be southwards during the following weeks, while the a shorter-term forecast favours a bullish correction, as the considerable 1.45% fall yesterday sent technical indicators in the oversold territory.
The nearest resistance is set by the 55-hour SMA at 10.47. A breakout of this level should result in a test of the 23.60% Fibonacci retracement, the 100-hour SMA and the monthly PP at 10.50 or even further up to the 200-hour SMA and the weekly PP near 10.55.
EUR/SEK 4H Chart: Bullish momentum allaysEUR/SEK has been driven by upside momentum, as it has surged 6.41% since early February. This movement has been bounded in an ascending channel during this time.
The Euro was lingering slightly above the senior channel for two weeks prior to appreciating substantially early on Thursday. This movement has pushed the rate closer to the upper line of the junior channel located near the 10.50 mark.
Technical indicators suggest that some upward movement could occur today and early on Monday. However, the pair still has to overcome a resistance cluster set by the monthly R1 and the weekly R2 at 10.38. A medium-term trend-line is likewise located in this area.
In general, the base scenario favours the prevalence of bears as early as next week, as the pair should make a correction south after such a massive surge. The nearest support is set by the 55-hour SMA at 10.30.
Eur Sek ShlongAs you can see we had some nice action here with this SHS formation right at a rising trendline + a new formed s/r zone which pushed price to a new high here .
Now Price is running into another s/r zone which is not confirmed yet but i will look for a confirmed touch before taking a long .
On the other hand a break could lead to short in direction of the confirmed s/r zone below or maybe even to the trendline showing us another test
EUR/SEK 1H Chart: Approaches strong resistanceThe common European currency is trading in three channels simultaneously against the Swedish Krona. The dominant pattern which has guided the pair during the previous three weeks is a medium-term channel. Its lower boundary was tested on March 20 when the Euro reversed from the 10.05 level.
The rate has since edged higher towards the monthly and weekly R1s at 10.25. Technical indicators demonstrate that the pair might still appreciate during the following session. Gains in this case could be capped near the senior channel at 10.27.
However, the lost bullish momentum during the previous three sessions might mark the beginning of a new wave down. This scenario should be confirmed by a breakout of the 55-hour SMA near 10.19. A possible downside target within the following two weeks is the 10.10 area where the 200-hour SMA, the weekly S1 and the junior channel are located.
EURSEK long back to the topEURSEK looking to bounce on the trend line to continue up long. if it does break the trend then opportunities for short will arise
EUR/SEK 1H Chart: Some upside potential still likelyEUR/SEK is being guided by several patterns, the most important of which are two opposing channels. The Euro breached the upper line of the more senior pattern earlier in this session when a strong hourly surge allowed it to move past the 9.96 mark.
This upside breakout of the four-month channel suggests that the bullish sentiment might continue dominating the market in line with the junior formation. However, some minor correction south is still expected, as the pair needs to relieve its overbought pressure. A possible point of reversal could be the 55-, 100– and 200-hour SMAs and the 61.80% Fibo near 9.92. The nearest upside target within the following sessions could be the 10.03 mark.
Given that this is likewise the highest level in several years, the Euro is likely to surrender under the bearish pressure near this high and begin depreciating in the medium term.
EUR/SEK 1H Chart: Pair expects breakoutA falling wedge has guided EUR/SEK since mid-November. It seems that this pattern is gradually reaching its maturity, thus pointing to a soon breakout. Falling wedge is generally a continuation pattern that should allow the Euro to resume its previously-existing up-trend.
During this session, the rate was stranded between the 55-, 100-, and 200-hour SMAs and the weekly and monthly PPs. All these levels are providing strong barriers; thus, it is likely that the direction of the breakout would prevail for some period of time.
In case bulls take over the market, a near-term target could be the psychological 9.90 mark where the 23.60% Fibo retracement is located.
EUR/SEK 1H Chart: Pair trades in falling wedgeEUR/SEK has been trading in a channel up since late 2016. During its last wave down which started mid-December, the common European currency has likewise formed a falling wedge. It tested the bottom boundary of this pattern on January 5 and has since edged slightly higher.
From technical point of view, the Euro should approach the upper wedge line in the 9.87/89 territory. Meanwhile, the pair has been currently stranded between the 55-, 100– and 200-hour SMAs in a diminishing trading range. It is likely that a breakout from this area would determine the subsequent direction.
Technical indicators show that the southern barrier might surrender under the bearish pressure, thus possibly sending the Euro down to 9.74 area where the monthly S1 and the weekly S2 are located.
An upside breakout, however, could result in a test of the 9.89 mark within the following week or more.
EUR/SEK 1H Chart: Rate weakens from yearly peakThe common European currency has been appreciating steadily against the Swedish Krona since early September.
This movement north has allayed during the past three weeks, as the rate has been lingering slightly below the 2010-2017 high of 10.03. This peak was reached on December 12, and the Euro has since edged lower. The same bearish sentiment is likely to prevail during the following weeks, as well.
Even though technical indicators point to a possible increase in price in this session, gains are unlikely to exceed the aforementioned high. In addition, the pair faces the combined resistance of the 200-, 55– and 100-hour SMAs and the weekly PP that could hinder or even halt any intentions to push higher.
EUR/SEK 1H Chart: Pair moves away from 2017 highThe common European currency has appreciated substantially against the Swedish Krona within the past three months. During this time, an ascending channel was guiding the pair up until a 2017 high of 9.9901 was reached on November 21.
The Euro has likewise formed a two-week junior channel. Its bottom boundary has had three confirmations, while the upside was tested early today for the second time. As apparent on the chart, the pair was reluctant to move past the 9.9270 area for the last week. The same situation occurred in this session, as well, before a sudden upward surge breached this channel.
The rate could go for the senior channel circa 9.90 today. However, the combined support of the 55-, 100– and 200-hour SMAs is likely to hinder further decline.
Meanwhile, technical indicators suggest that the pair could respect the junior channel and thus breach the senior one in a week.
EUR/SEK 1H Chart: Euro tests 200-hour SMAFollowing a five-week appreciation against the Swedish Krona in an ascending channel, the common European currency has formed a channel in the opposite direction and is thus gradually moving lower.
The pair reached a 2017 high last week when the rate reversed from the 9.8044 area. This suggests that a decline in both medium and long term is a likely option.
The rate is currently testing the upper line of the junior channel—an area which is likewise reinforced by the 200-hour SMA. From this perspective, the rate should rebound from the this resistance and edge lower. However, given the steepness of the descending channel, this formation is unlikely to hold for long.
Technical indicators flash mixed signals, but the overall tendency seems to point southwards. The rate might go as low as the monthly PP circa 9.67 during the following trading sessions prior to making a minor recovery.
EUR/SEK 1D Chart: Channel in TriangleBy large the slow moving low volatile EUR/SEK pair has been slowly moving in an ascending channel pattern on the daily chart. However, it has experienced a distinct spike in the second half of September, which in general is a cause for caution.
Meanwhile, on a larger scale the currency exchange rate has formed a massive scale triangle pattern. The tip of the triangle is located almost at the 9.50 mark and in the year of 2018, which means that the triangle might hold for a long time. Although one should watch for possible breakouts near its borders.
In regards to shorter term trading, the pivot points and the daily simple moving averages are a good guide.
EUR/SEK going down on all scalesThe common European currency recently reached the upper trend line of a junior descending pattern against the Swedish Krona. Due to that reason the pair can be considered at a significant crossroads for short term traders.
If the pair passes the resistance, which is a lone one, it would surge first to the 100-hour SMA at the 9.50 mark and later on to the resistance cluster located from the 9.5110 mark to the 9.5165 level.
On the other hand the rate might fall and search for support in the 55-hour SMA at the 9.4825 level. In addition, if the 55-hour SMA continues to decline, it will be strengthened by the weekly S1 at the 9.4796 level.
Eursek is a long tradeEursek is moving in a stable uptrend on a daily basis. At the beginning of May, a long white candle, associated with unusual volumes, has broken above the range. We expect to see further strength on following days.
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