A falling wedge has guided EUR/SEK since mid-November. It seems that this pattern is gradually reaching its maturity, thus pointing to a soon breakout. Falling wedge is generally a continuation pattern that should allow the Euro to resume its previously-existing up-trend.
During this session, the rate was stranded between the 55-, 100-, and 200-hour SMAs and the weekly and monthly PPs. All these levels are providing strong barriers; thus, it is likely that the direction of the breakout would prevail for some period of time.
In case bulls take over the market, a near-term target could be the psychological 9.90 mark where the 23.60% Fibo retracement is located.
During this session, the rate was stranded between the 55-, 100-, and 200-hour SMAs and the weekly and monthly PPs. All these levels are providing strong barriers; thus, it is likely that the direction of the breakout would prevail for some period of time.
In case bulls take over the market, a near-term target could be the psychological 9.90 mark where the 23.60% Fibo retracement is located.