Currency Analyst since 2010

EUR/SEK: trade idea

Dima Chernovolov

• EUR/SEK reverses from support zone

• Next buy target - 9.6900

EUR/SEK continues to rise after recently reversing from the support zone lying at the intersection of the support level 9.5720 (former resistance level which has been reversing this currency pair from December) and the 38.2% Fibonacci Retracement of the previous sharp minor impulse 3 (which started when EUR/SEK reversed up from the former resistance trendline of the daily down channel from December, acting as support now after it was broken recently).

EUR/SEK will most probably continue to rise in the active impulse waves 3, (3) and ③. Given that the 3rd impulse waves are usually the sharpest in an impulse sequence, the pair is expected to continue to rise strongly in the near-term perspective toward the next buy target 9.6900 (which reversed the price last week and in December).

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