EUR/SEK- Upward Channel Broken, But Bounced From Support

Published 07/26/2013, 02:21 AM
Updated 02/02/2022, 05:40 AM
EUR/SEK
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The EURSEK pair has broken its upward channel on a 4 hour time frame. The lower line of this channel may act as a resistance now. However, the price has bounced from its minor support level and there was a minor piercing of the Bollinger band at that level. The piercing of a Bollinger band does have a significant importance when this occurs at an important level of support or resistance because this could reverse the trend from that specific zone.

The RSI is trading in line with the price action which means that the bias could be to the upside.
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Important Levels

Support Level
8.529-8.471 Minor
8.308-8.248 Major

Resistance Zone
8.900-8.844 Minor
9.162-9.097 Major

DISCLOSURE & DISCLAIMER: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.

by Naeem Aslam


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