EUR/SEK today broke down through the horizontal Key Support Level 8.5853 identified by Autochartist on the 4-hour charts. Autochartist rates the Significance of this Support at the 6 bar level which corresponds to the 6 recent price reversal from this Key Level. This downward Breakout continues the predominant downtrend that can be seen on the daily and the weekly EUR/SEK charts. The price is expected to decline further toward the Forecast Price 8.5232, which is also indicated by the PowerStats analysis shown below.
As the following PowerStats chart for EUR/SEK shows, most of the daily Expected Price Range (from 8.5978 to 8.5102) lies below the above broken Key Support Level 8.5853, while the lower boundary of the daily Expected Price Range (8.5102) stands below the Forecast Price calculated for the Breakout of the aforementioned Key Level (8.5232) – which increases the probability that this currency pair will decline further tomorrow.