EUR/SEK has been driven by upside momentum, as it has surged 6.41% since early February. This movement has been bounded in an ascending channel during this time.
The Euro was lingering slightly above the senior channel for two weeks prior to appreciating substantially early on Thursday. This movement has pushed the rate closer to the upper line of the junior channel located near the 10.50 mark.
Technical indicators suggest that some upward movement could occur today and early on Monday. However, the pair still has to overcome a resistance cluster set by the monthly R1 and the weekly R2 at 10.38. A medium-term trend-line is likewise located in this area.
In general, the base scenario favours the prevalence of bears as early as next week, as the pair should make a correction south after such a massive surge. The nearest support is set by the 55-hour SMA at 10.30.
The Euro was lingering slightly above the senior channel for two weeks prior to appreciating substantially early on Thursday. This movement has pushed the rate closer to the upper line of the junior channel located near the 10.50 mark.
Technical indicators suggest that some upward movement could occur today and early on Monday. However, the pair still has to overcome a resistance cluster set by the monthly R1 and the weekly R2 at 10.38. A medium-term trend-line is likewise located in this area.
In general, the base scenario favours the prevalence of bears as early as next week, as the pair should make a correction south after such a massive surge. The nearest support is set by the 55-hour SMA at 10.30.