Dukascopy Bank Team
Dukascopy Bank SA
EUR/SEK 4H Chart: Falling wedge pattern in sight
The EUR/SEK currency pair continued to trade downwards within the falling wedge pattern.
Theoretically, it is likely that the exchange rate could continue to trade within the predetermined pattern within the following trading sessions. Then, a breakout north could follow, and the rate could raise to the Fibo 23.60% at 10.47.
Meanwhile, note that the currency pair is pressured by the 55-, 100– and 200-period moving averages in the 10.20/10.30 range. Thus, some downside potential could continue to prevail in the market.
USD/SEK 4H Chart: Downside potential could prevail
The USD/SEK exchange rate has revealed a falling wedge pattern.
From a theoretical perspective, it is likely that the currency pair could continue to trade within the given pattern in the medium term. In this case the pair could decline below 8.5000 by the end of December.
In the meantime, note that the exchange rate is pressured by the 55-, 100– and 200-period moving averages in the 8.6190/8.7400 range. Thus, a breakout south could occur in the nearest future.
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.
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