EUR/SEK 1H Chart: Bears likely to prevail
The Euro has been depreciating against the Swedish Krona since the middle of October. This movement has been bounded within the falling wedge pattern.
As apparent on the chart, the exchange rate has already reversed south from the upper pattern line at 10.74. From a theoretical point of view, it is likely that some downside potential could prevail in the market, and the rate could continue to decline within the given pattern.
However, note that the currency pair is pressured by the 55-, 100- and 200-hour moving averages. Thus, it is likely that the pair could breach the given pattern south within the following trading sessions. A possible downside target is the Fibo 38.20% at 10.48.
USD/SEK 1H Chart: Rising wedge pattern in sight
The US Dollar has been appreciating against the Swedish Krona since the beginning of November. This movement has been bounded within the rising wedge pattern.
Currently, the currency pair is testing the lower pattern line at 9.6000. From a theoretical perspective, it is likely that some upside potential could prevail in the market, and the pair could reach the upper pattern line located circa 9.7800. If the given pattern holds, it is likely that the general direction is expected to remain north in the medium term.
However, note that the exchange rate is pressured by the 55-, 100- and 200-hour moving averages, currently located in the 9.6389/6.6686 area. Thus, the rate could breach the given pattern south. Important level to look out for is the monthly S1 at 9.4868.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
Recommended Content
Editors’ Picks
EUR/USD steady below 1.0800 after US PCE meets expectations
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair barely reacted to US PCE inflation data, with the Greenback shedding some pips. Fed Chair Jerome Powell set to speak ahead of the weekly close.
GBP/USD hovers around 1.2620 in dull trading
GBP/USD trades sideways above 1.2600 amid a widespread holiday restraining action across financial markets. Investors took a long weekend ahead of critical United States employment data next week. Fed Chair Powell coming up next.
Gold price sits at all-time highs above $2,230
Gold price holds near a fresh all-time high at $2,236 in thinned trading amid the Easter Holiday. Most major world markets remain closed, although the United States published core PCE inflation, the Federal Reserve’s favorite inflation gauge.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.