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    Technical analysis of EUR/SEK for April 01, 2016 2016-04-01

    EUR/SEK continues trading between R2 (9.2830) and S1 (9.2185). But at the same time, the price broke below the ascending channel and found the resistance at the lower channel trend line as well as 61.8% Fibs applied to the channel's break-out point.

    Currently, the price is stuck between R1 and S1 levels where the support seems to be broken while resistance is holding. Taking into consideration that previously the S1 support has been already broken, the probability of the price going down remains high. Not to mention that the price is right at the R1 resistance that has been rejected today.

    Consider selling EUR/SEK today while the price is near R1 (9.2500), targeting S2 (9.1790) support level. The stop loss should be well above R1. On the other hand, daily close above R1 should shift the medium-term direction to the upside.

    Support: 9.2185, 9.1790, 9.1150

    Resistance: 9.2500, 9.2830

    EURSEK_INSTA.png

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