Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

EUR/SEK Looks Set To Escape A Sideways Trading Range

Published 10/05/2021, 07:34 AM
Updated 07/09/2023, 06:31 AM

EUR/SEK traded lower today, after it hit resistance slightly below the 10.160 barrier, marked by the high of Oct. 4. Overall, the rate has continued trading in a trendless mode between 10.113 and 10.217 since Aug. 27.

Therefore, despite the rate’s proximity to the lower end of the range, we will stay neutral.

An apparent dip below 10.113, or a break below 10.100, which is the low of Jun. 30, could confirm the end of sideways trading and may initially pave the way towards the low of Jun. 15, at 10.075.

If the bears are not willing to stop there, a lower break may encourage declines towards the 10.040 territories, defined as a support by the lows of June 10 and 11.

Shifting attention to short-term oscillators, we see that the RSI remains between 30 and 50 and has recently turned down, while the MACD lies below zero and trigger lines.

Both indicators detect negative momentum and support the notion for a potential downside exit of the range and subsequent declines.

To start examining the bullish case, we would like to see EUR/SEK emerging above the upper end of the sideways range, at 10.217.

This may wake up more bulls, who may get encouraged to push the action towards the 10.251 zone, near the highs of Aug. 26 and 27.

If they don’t stop there, the following territory to consider as resistance may be near 10.297, marked near an intraday swing high formed on Aug. 23.

EUR/SEK 4-hour chart technical analysis.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.