Breaking News
0

EUR/SEK Exits A Sideways Range To The Downside

By JFDBrokers TeamForexJun 13, 2018 07:18AM ET
www.investing.com/analysis/eursek-exits-a-sideways-range-to-the-downside-200324484
EUR/SEK Exits A Sideways Range To The Downside
By JFDBrokers Team   |  Jun 13, 2018 07:18AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

EUR/SEK traded lower during the European morning Wednesday, breaking below the support (now turned into resistance) hurdle of 10.135. Yesterday, the rate dipped below 10.200, the lower bound of a sideways range that had been containing the price action since the 9th of May. Therefore, we would consider the short-term outlook to have turned negative.

We believe that the break below 10.135 may have opened the way for our next support zone of 10.093, marked by the low of the 22nd of March. If that level fails to prevent the price from falling further, then we may see extensions towards our next key support zone of 10.055.

Our short-term momentum indicators detect strong downside speed and corroborate our view. The RSI stands within its below-30 zone and is pointing down, while the MACD lies below both its zero and trigger lines, pointing south as well.

On the upside, a move back above the 10.165 hurdle may push the rate to test 10.200, the lower end of the aforementioned range, as a resistance this time. However, even if this is the case, the near-term outlook would stay negative in our view. We would still see a decent chance for the bears to jump in near 10.200 and drive the battle lower.

We prefer to wait for a move back above 10.200 before we change our view to flat. Such a move would bring the rate back within the range and could initially aim for the 10.240 level. Another break above 10.240 could target our next resistance of 10.280.

EUR/SEK H4 Chart
EUR/SEK H4 Chart

EUR/SEK Exits A Sideways Range To The Downside
 

Related Articles

EUR/SEK Exits A Sideways Range To The Downside

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: The content we produce does not constitute investment advice or investment recommendation (should not be considered as such) and does not in any way constitute an invitation to acquire any financial instrument or product. JFD Brokers, its affiliates, agents, directors, officers or employees are not liable for any damages that may be caused by individual comments or statements by JFD Brokers analysts and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his investment decisions. Accordingly, you should seek, if you consider appropriate, relevant independent professional advice on the investment considered. The analyzes and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with the legal requirements for financial analyzes and must therefore be viewed by the reader as marketing information. JFD Brokers prohibits the duplication or publication without explicit approval. FX and CFDs are leveraged products. They are not suitable for every investor, as they carry high risk of losing your capital. You should be aware of all the risks associated with trading on margin. Please read the full Risk Disclosure at www.jfdbrokers.com/en/legal/risk-disclosure .
Continue with Google
or
Sign up with Email