EUR/SEK Technical Analysis
AvaTrade | Jul 10, 2013 08:39AM ET
The EUR/SEK pair has formed a head & Shoulder pattern on a daily time frame. If this pattern does play out completely, it could push the price towards the 8.40 level. The pair is also trading below the downward trend line which further strengthens the above argument.
However, the price is also trading with n the upward channel and has not violated this trend which suggests that the upward is still intact and the price action may continue moving up. The volatility for the pair remains low as the price is trading close to its 20-day MA and it has not pierced the Bollinger band either. The piercing of the Bollinger band does have a significant importance at an important level of support/resistance and it could reverse the trend or push the price back towards its mean.
Important Levels
Support Zone
8.308-8.248 Major
8.604-8.534 Minor
Resistance Zone
9.042-8.977 Minor
9.16-9.09 Major
DISCLOSURE & DISCLAIMER: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam
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