Patterns: EUR/SEK,USD/SEK
|EUR/SEK 1H Chart: Short-term decline expected
The EUR/SEK currency pair has been trading within a descending channel since the beginning of July.
From a theoretical point of view, it is likely that the exchange rate could continue to trade within the given channel in the nearest future. In this case the rate could decline to the 10.30 by the end of current month.
Meanwhile, note that the currency pair could gain support from the monthly S1 and the Fibo 38.20% in the 10.34 area. If the given support holds, it is likely that a reversal north could occur, and the pair could target the 10.60 level.
USD/SEK 1H Chart: Descending channel in sight
The USD/SEK exchange rate has been declining within a descending channel since the beginning of July.
From a theoretical perspective, it is likely that the currency pair could continue to tumble within the given channel in the medium term. It is likely that that the pair could decline below 9.0000 by the end of July.
Meanwhile, note that the exchange rate would have to surpass the support formed by the monthly S1 and the Fibo 50.00% at 9.1518. If the given support holds, it is likely that a reversal north could occur, and the rate target the Fibo 38.20% at 9.4643.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.