EUR/SEK continues to fall inside the Clear Descending Triangle chart pattern identified by Autochartist on the daily charts. The overall Quality of this chart pattern is measured at the 6 bar level as a result of the low Initial Trend (rated at the 3 bar level), higher Uniformity (6 bars) and near-maximum Clarity (9 bars). This chart pattern continues the overriding downtrend visible on the daily and the weekly EUR/SEK charts. The top of this Descending Triangle (point A on the chart below) formed when the pair reversed down from the resistance at the 38,2% Fibonacci Retracement of the preceding sharp daily downward price impulse form the November of last year (which previously broke through the support trendline of the longer-term upward correction to the prevailing downtrend). The pair is expected to fall further in the direction of the lower support trendline of this Descending Triangle.
The following daily EUR/SEK chart highlights the technical price levels mentioned above:
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Daily Forex Update: EUR/SEK: April 20, 2012
Published 04/20/2012, 06:05 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: EUR/SEK: April 20, 2012
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