FX TECHNICAL REPORT MAJOR CROSS-RATES – FEATURED MARKET – EUR/SEK
EUR/SEK reached an all-time traded high at 11.78 in March 2009, before undergoing a prolonged decline, forming a double bottom at 8.17 / 8.25 in August 2012 / March 2013, completed in June 2013 by the break above 8.79. Gains to 9.71 in December 2014 were followed by a retreat which formed a higher double bottom at 9.06 / 9.11 in March 2015 / April 2016, completed in October 2016 by the break above 9.71. A setback is now under way
from 10.08, slightly beyond the 9.98-10.02 area which marked a retracement and projection, and we ideally seek a higher low by the 9.35- 9.40 area over the coming months, ahead of a renewed recovery phase. We see potential for a further advance towards a minimum of the 10.40-10.60 area during 2017, possibly overshooting towards 10.94-11.15 before eventually leaving a sub 11.78 lower top for the start of a fresh retreat.
EUR/SEK Monthly Candlestick Chart
Source: Tradermade
MAJOR TRENDS AND TARGETS FOR MAJOR CROSS-RATES As at 20-Dec-16 EUR/GBP GBP/JPY EUR/JPY EUR/CHF EUR/NOK EUR/SEK
Current level .8395
146.05 122.60 1.0690 9.0350 9.7250
Major trend Up
Down Down Down Up Up
Major targets .9411 / .9801
116.87 / 100.00 105.46 / 94.14 1.0071 / 0.9418 9.86 / 10.15 10.40 / 10.60
Trend change level .7757
163.87 134.56 1.1199 8.72 9.36
70 FX TRADER MAGAZINE January - March 2017
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