EUR/SEK continues to fall after the recent Breakout of the horizontal Key Support level 8.4593 identified by Autochartist on the 4-hour charts. Autochartist rates the Significance of this Key Level at the 3 bar level which corresponds to 3 recent price reversals from this support. This Key Level Breakout continues the predominant downtrend that can be seen on the daily and the weekly EUR/SEK charts. The pair had previously reversed down (at point A) when it failed to approach the strong resistance area made out of the round resistance level 8.7000 (former strong support which reversed the pair sharply up in February of last year) and the 50% Fibonacci Retracement of the downward price impulse from May – which broke the aforementioned support at 8.7000 in July. The pair is expected to fall further toward the Forecast Price 8.3915.
The weekly EUR/SEK chart below shows the longer-term picture of this currency pair’s movement: